I certainly hope not.
But I've seen all kinds.
I know a small company that borrowed money. They had negative cash flow for the year, but they included a debt offering as positive cash flow, and gave themsleves a bonus. Even though their by-laws said free cash flow is only from normal business operations.
its hard to imagine a bonus, after losing a third of our money.
I would not say no at this point. Yes, the BV has come down drastically, but the GAAP earnings/EPS have not been bad. Maybe they'll elect NOT to take the proposed bonus, but I'd be beating there is one.
There is nothing they can do to prevent the BV from declining. When rates go up BV has to go down just like bonds because no one buys a lower interest rate loan at the same price that they could buy a higher interest rate loan. Well, unless they were dumb beyond compare. So basically all the old loans will be worth less. That is unavoidable. You can't hedge against that. They are worth what they are worth.