"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????