the conclusion is that whatever we recieve for the special, if it is not cash, will still have significant value. In fact, if one believes in the fundamental soundness of PZN as an ongoing concern, one might consider it a superior investment with...well, a high yield <g>.
Thus, it is only the irrationality of the market that devalues PZN common due to uncertainty over HOW that dividend might be paid. And surely it makes sense that PZN would be exercising proper fiduciary reponsibility if it refused to extend itself too far in seeking a strategic investor. The SI would only add a small incremental advantage to one dividend payment (making it cash), and how can it be worth diluting the ongoing value of the common for this tiny edge?