The Amended Credit Facility restricts pzn/s ability to make the 1999 cash payment of the special dividend unless a. The Company has liquidity of at least $75 million b. the Company receives at least $100 million in cash proceeds for the issuance of equity or similar secuities from a new investor receiving representation on the Company's Board of Directors c. New CCA receives at least $25 million in cash proceeds from the issuance of any combination of equity securities and subordinated debt. The Company may, however, pay up to $31 million in cash if only a. and c. above are achieved.
Thank you for your quick reply. If only a and c are achieved, and only $31 million in cash is paid, how do you think PZN will go about ensuring it maintains its REIT status? Can it distribute its earnings in some form of a dividend that is not cash?