Good post, I agree this stock fell off the cliff when it announced the dividend cut from .80 to .65. It has explosive growth, but was paying out dividends in excess of earnings so we saw contractions to BV. When you cut the dividend and maintain earnings then you right the ship for capital appreciation. IVR can make money on the arbitrage of their own stock by just buying back their own shares on the open market in the $14 range. After its last two SO's where they sold 23 mln on shares in June at $20 and 19.5 mln share at $18..
IVR tipped their deck by establishing the buy back program.. should mean no more SO surprises.