I sold my shares. The dividend of $10 is entirely taxable. So if I hold the shares, I'd be sitting on a capital loss . Instead I sold (at a long-term capital gain) and will consider buying back after the dividend payment. The share price should fall by $10 at a minimum.
why sell now? why not ride the rise and sell around oct.18th and make more money per share , if you sell your shares before oct.22nd you don't get the $10.00 div. offered, i look for it to climb $2.00 to $3.00 more by then
More often than not, big dividends are not taxable but are instead all or at least part non-taxable Return of Capital, but in this case yes, the company has announced they expect it will indeed be taxable. Usually the announcement of tax status isn't made until after year-end, so this is a fairly rare opportunity to plan a strategy like you're doing.
"The share price should fall by $10 at a minimum."