OK, I give up. Trying to figure out a combined OPCO/PZN is too frustrating. Chris Haley has me really depressed. So keep the f***ing REIT. Just pay me (and everyone else) the rest of the regular and special dividends before 12/31 and get it over with. Forget the SI. Pay the divs with debentures off the shelf ($200MM left). I'll take 'em at 12%, knowing they can't get diluted no matter what happens down the road (assuming no BK or foreclosures by senior debt holders). But they look safer than stock, and more likely than cash.
Does anyone know why they can't do that? NHY? Anyone?