Ahead and cut the dividend. We all know it's going to happen and the sooner they do it the faster we can stop hearing about it and the the stock can go down and settle in somewhere and stay there. Let's just get it over with.
Why cut? Do you expect the share price to go up? If they stand firm, pay the .25 div and the stock stays at 8 it is like money in the bank. Unless of course you are short, or not in and looking for an entry point.
Isn't converting the dividend to ~50% return of capital in effect a cut? You are just getting your own money back. On their web page they say that the co.'s financials are unaffected, but can that be believed? Seems this is a way of cutting the dividend without actually cutting it.
What do you think?