I took Jr.'s comments at face value. It's not the paperwork, it's the timing, which he laid out pretty matter of factly. Special dividend required no later than 12/31. If paid in equity securities, S/H's have to have a choice of 2 or more (some discussion of this here a while back). S/Hs would have to be given a certain amount of time to choose. SEC filings would precede that, with attendant prep and review time. Might have to have special meeting, too (proxy, notice, etc.) If they started 90 days from now, they might not make it, far as I can tell. For all I know they're working on it now.
They claim they're determined to pay cash, though, so they will try to somehow get someone to come in who adds strength and credibility.
So, now the question,why bother??? The noticeable thing here is that the banks didn't prevent the special, just put strings on it if paid in cash (typical bank type thing). But PZN admits it doesn't need the cash from the SI at this time (even for the special). So why bother? PZN alone makes the choice. Paying in securities seems much less dilutive to me. Or pay partially in cash to cover tax bite.