Exactly as supernexus1 said. We all knew it would drop by the dividend amount. I'm not worried at all because i didn't buy the stock just on the dividend. They are a strong company and i'll sell my shares once they recover back up to pre-dividend levels.
It's common for beginning investors to make the mistake of buying a stock just to get the dividend and then sell after becoming eligible for it.
Noah has received some significant good news lately by refinancing its debt at a lower rate and increasing cash flow. Last quarter I believe it exceeded earnings estimates and there have been suggestions it may be getting viewed for a possible privatization buyout or merger. First year estimates are around $18 a share and a buyout I believe would bring above $20.
The fundamentals for the company are the same as they were before the special dividend was announced, so once the fiscal cliff settles and those looking for a quick flip disappear, this should be a great time to buy low and hold for a quick pop.
In addition, dividends in 2012 are taxed much lower then income and for those who buy and sell in under a years time, their gains would typically be taxed at their current income rate (check with a CPA for your specific tax situation).