Thanks for the comments. I guess I will have faith and hold. It used to have a stellar reputation and I think that better times may be ahead. The name still has considerable value and maybe AXA will decide to sell rather than see their investment decline.
This from Michael Connellan on Seeking Alpha on 12/3/2011:
AllianceBernstein Holding LP (AB) $13.08 A major investment management and research firm, AB is 60% owned by AXA, a $731 billion "A" rated French insurance and financial services company. In 2011 AB is expected to report Net Income of $365 million on revenue of $2.8 billion. However, assets under management have declined from $800 billion in 2007 to $430 billion currently due to both subpar performance and difficult markets. AB has taken steps to stop this trend, better control costs, and acquire and grow assets in the future. As an LP, AB has a high level of cash distributions - 60% of which go back to AXA - estimated to be $1.40 in 2012. Despite difficult conditions, with solid positive cash flow and little debt, AB appears capable of maintaining and in time increasing the dividend. At $2.80 EPS and a market multiple of 15 AB would trade at $42