no regular cash dividends in sight
Stated in cc that they were looking to lever way up, doubling assets by borrowing against the high cost Madison line and/or credit sources they don't even have in place yet, before paying cash dividends.
My interpretation -- since the above is unlikely to happen anytime soon, expect a 90% stock dividend later this year, similar to last year.
Hard to see how this company can move from where it is to where it wants to be, particularly given that we're already in such an overheated junk debt market.
JMHO.