The more I thought about that discount, the more I realized that sounded like a desperate move. With the current outlook, most all will opt for the cash. If the outlook improves everyone will opt for the 5%. In the short run I think almost all will go with the current dividend as long as it survives and this move will be seen for what it is...desperation. Eventually investors will either dump the stock or create an abundance of shares that will pay a meager dividend.
It's sad when a once numero uno in their field becomes panicky and a debacle.
Glad I don't have but a few percent of my portfolio in this surprising loser.