Sorry for my delay Ben in answering this but I was really traveling and have some time today.
The main part of this story NOBODY puts any weight to this
The company has always stated (in here I am quoting Mr. Moody Senior but I don't remember when but I believe 1995) I find buying in shares below book value is against the policy of the company as it is "promotional". I do not put this in quotes because it is the idea not the exact words except of course for "promotional".
moody sr. also stated he was against giving cash dividends.
Many years ago I suggested filing a law suit against NWLI and the top Moody to sue the company in court claiming that the company was hoarding money to the detriment to minority shareholders.
Why because Henry Ford lost a court case and was forced to give dividends to his shareholders - which when he lost - he bought the rest of the shares making it totally private. So the precedence was already on the books to do this.
Shortly thereafter NWLI declares this paltry dividend because I believe they read this forum and realizing they would have to pay a lot more if somebody actually did sue them
Saying that I don't know.
Let's face it 3rd. ave. is selling. Do I agree with them no but I can understand it. If I had a lot of money tied up in this or any other situation where the management (moody sr.) has stated he will not pay a dividend or buy back shares I too might sell if I needed money for other things where management is working for the shareholder.
Anyway unless moody sr. dies and we can see what Moody, jr. is going to do. the only way you will see anything done for minority shareholders is to sue him in court for hoarding and not managing the company on behalf of minority shareholders while increasing moody sr.s own salary by 400%
In my opinion unless forced to by a court of law NWLI will do nothing for minority shareholders. No increased cash dividend, No share buy back - no nothing.
So welcome to the club of the waiting.
Maybe Godot will show up.
Hope it happens in my lifetime but I can't write trust it will.