Yes, I would lighten up or sell all of AWP if it closed the discount to NAV and went to par.
Can you tell me why you are so certain they will cut the dividend? While it's nearly a 12% dividend at these prices, it's only a 9.4% dividend on the NAV. I looked at some of their holdings as of 7/31, and there were a few 15% yielders in the mix. Also, in Alpine's announcement on 7/5/11, management said this: "The Fund intends to manage its monthly distributions to include amounts that have otherwise been paid through a year end special distribution." So, this wasn't a raise in the dividend to an unsustainable level, simply changing the policy of paying a year end special dividend and establishing the dividend at a regular 5 cent level. I would like to find some information about whether or not any of the 5 cent dividend is a return of capital. I can't find that anywhere.