What does a 15% "yield" matter if the stock drops more than 15% a year? You collect your 15%, pay taxes on the portion which isn't deemed a return of capital, suffer paper losses, and watch the value go down. Remember that too - it's not really a 15% dividend, a portion is return of capital.
You know that the dividend is going to be slashed - the market is telling you. So, why buy this stock? You think it's magically going to turn around on a dime and be trading at $8? The same $8/share so many others around here were claiming was so undervalued a year ago, when yield was something like 7% or 8%?
BGCP is just a way for CF and Howard to milk the company dry with cash distributions. End game will likely be CF/Howard take it back for pennies paid to shareholders. Either that, or they continue taking on debt and/or issuing new shares to get additional cash, and continue paying the dividend...again, so CF/Howard can milk it. That's just what I see from my 10,000 foot view.