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Alliancebernstein Income Fund Message Board

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  • axzl axzl Jul 25, 2000 4:41 AM Flag

    Anyone reading this?

    you are referring to the consolidation of ACG,
    GSF, SI, and AOF, these are my thoughts.

    Some
    months ago Alliance Capital announced that there would
    be a share buyback in all of these except AOL to
    enhance shareholder value. I said at the time that I
    doubted that it would ever happen since it takes capital
    to do that which just isn't available or lying
    around idle. Also, to buy back shares in these funds
    tends to have the effect of reducing the amount of
    assets under management which is the base for the
    management fees that are charged by Alliance
    Capital.

    IMHO that announcement was an attempt to placate the
    very angry shareholders of these Closed End Funds
    because of the poor management of the funds and the
    tremendous erosion of their principal and lowering of
    dividends.

    IMHO this latest consolidation announcement is another
    well timed attempt to take the pressure off the
    managing entity and to cover their very poor management
    trail of these funds. The consolidation leaves what
    assets remain totally in tact along with their
    management fee base and the shareholders outside looking in
    and totally disarmed.

    IMHO there will be one
    small impact on these funds from the consolidation. It
    will cost money to do this; And if one owned equal
    shares of all four of these funds I project that when
    the dust all settles shareholders will receive
    slightly less in dividend income than they received prior
    to the consolidation due to the consolidation costs
    and increased management fees which will no doubt
    result.

    As a long time investor in these funds, those are my
    observations and predictions. Perhaps you would care to share
    yours.

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