and the big question is, will they cut the dividend for 2013. any opinions?
When a closed end fund such as AWP, sells at a discount to its NAV and buys back its own shares at the market price (at the discount price), the result is an incremental increase in the NAV.
Consider this: the annual dividend per share based on a monthly rate of 3 cents is 36 cents. that computes to to an annual yield of 6.5% based on the NAV of $5.57. But, because of the discount, the market price as of todays close of $4.36, the yield is increased to 8.3%.
Question: If they should happen to defer the interst (we hope not) and say, years later, go into bankruptcy what would be the "pecking" order of the deferred interest compared to other debt, i.e. would they come ahead of the other bonds?
On the contrary, let your winners run and get rid of your dogs. Take profits and pay taxes (except for qualified accounts like IRA's). Take losses and cut your taxes. There are always the exceptions to the rule, but this is the tax efficient way