"When he finally comes to the conclusion that it just won't work....well, that's my concern."
Unfortunately, I don't think he will ever conclude that. Everything he has done shows that he is hell-bent on proving that this was the right strategy. He seems willing to pay whatever price is necessary to stay the course. A cash special dividend is the millstone that's holding the price down, tied to the company's neck by Doc's stubbornness and lack of credibility.
Forgive me for thinking out loud, but a thought just occurred to me. Maybe Doc has had it, and reviving the company comes in the "life's too short" category. Maybe, just maybe, the SI will buy enough to take control and drop the REIT. If they put in a billion, they could pay off the debt (or pay themselves 9+ percent), forget the dividends and grow aggressively out of cash flow. What a brilliant idea - not being a REIT! Why didn't we think of that sooner????