This stock pays a 15% dividend that is taxed at your marginal rate. It doesn't get the qualified-dividend rate because the company pays no tax on corporate profit before it pays you the dividend. The result is that a dollar of profit ends up taxed, between the company and you, at a lower total rate.
But what if that was reversed? What if it was taxed at the full corporate rate and not taxed to you? The gross amount of tax paid would be about the same, and you'd be getting a lower dividend, but you'd pay no tax on that, so your pocketed portion would be about the same as before.
But think about that. 11% yield, tax free. It'd be the most popular stock in the world. It's hard to believe it isn't now.