Could someone give me the basics of what happened with PZN. My quick read is that they first decided to separate into REIT to establish - 2 companies with dividend tax benefits going to those that need them. They did a quick 180 degree turn and merged again.
Am I reading this wrong? What happened other than trying to get lawyers and accountants rich?
Given that, is there a consensus as to the best way of making value in this industry? One company vs. the approach that WHC has taken of two companies.