In an earlier post
"spare us..give us the 77% premium ....vs. curren premium of 48%..
let me help you with the math retirees
So you would need 29 months of distribution in order to actually break even and that is if the HIGH ABSURD PREMIUM is maintained, which it obviously hasn't been since it is no longer 77%. DUH!!
They think your idiots...lol"
What you have to understand is that most of you are fools and probably don't understand the principle behind stock shares. When you purchase a stock share you actually have no direct impact on the company itself, meaning if you pay an ABSURD premium the company or fund does not gain for the premium over NAV. The profit all goes the COLLUDING GARBAGE brokers playing "the game" called stealing your money.
The only time a company or fund is able to see it move to its bottom line is when it does a rights offering.
So if you retirees think that you paying a premium is a plus for the company or fund, your incorrect.
These losers will have you paying a premium from all the way at $14 to $6 where this fund shall eventually land. They can't get past $13, why? Their equation tells them a mass exodus will ensue at that PT. You can kiss the 77% actually 78% premium goodbye and they probably have another 6 to 12 mos. before they have no choice but to bring the premium down further so the equations can be recalibrated to pay for the distribution.
I dont believe in your theory of "manipulation" by whoever. I believe as pogo said "we have met the enemy and they is us", foolish and deluded shareholders willing to pay premiums of 77% or more for what they perceive to be steady income with nobody twisting their arm but greed and "see no evil" approach.
Half of the well is already dry as nav has been reduced since fund inception, and the rest will go at an accelerated rate (and more if asset values decline ) unless the distribution (currently 18% of nav) is cut. This will follow the cornerstone playbook but not an exact tracing.