Aren't Mutuals restricted from buying/holding stock under $5.00 a share?
I wonder if Macquarie Bank is quietly buying up shares of MIC? Certainly they are said to be "reevaluating" the structure of their Funds and have already de-listed one Fund and turned it into a "closed" fund with investors tied to 10 year commitments. Closed Funds are not burdened with SEC reporting, or public view of what they are making, doing, etc.
MIC and MIG are both listed Funds and both are doing badly as the Macquarie Model of borrow, borrow, spend, spend, is failing in this credit climate.
In fact, Macquarie is selling some of the MIG assets to raise money for a stock buyback (google: M7 Macquarie).
If Macquarie decides (or has decided) to buyout MIC stock as well, and turn it into a closed fund, would they care how low the stock price goes? In fact, the lower, the cheaper for them to buy.
If cutting the dividend again would drive the stock price lower, they might want to do that.
I honestly don't know. However, with the Macquarie Bank pulling the strings, this is not a stock for widows and orphans.
Something to remember, however, for those who want to get out. If the Mac Bank IS buying MIC, those buys will drive the price up temporarily, providing exit opportunities.