Management is now incentivised to issue more common shares on a continuous basis since their salary is based on share count, this activity will dilute existing shareholder dividend income on the same basis.
"IF the dividend is to be cut, what is the "fair" price? zero?"
Again, if the divi is cut, what % return will investors want to get into the stock? You can't count on the current % divi return holding up in a bad news, or possible bad news, situation. The risk has gotten higher, the reward offered will probably have to go that way as well. A 13% return off whatever divi is announced just might not be enough to stabilize the price a 13% or 14% or maybe even a 15% return level.