The fact remains the company generates plenty of cash flow to service their debt, continue distributions, and make further accretive transactions. I believe they have the ABILITY TO PAY THE DIVIDEND, BUT CHOOSE TO BE CONSERVATIVE. That said, I do hope want to see the following:

1) Management does not issue any of the 7 million new shares into the market. At this price, it is costly and not well timed.
2) Eliminate the practice of giving shareholders the option to collect dividends in cash. The further the stock price falls, the more costly it is to remaining shareholders.
3) Would like to see some sort of additional transaction. That would servce several purposes: a) accretive to cash flows; b) proove to the market the company will be opportunistic; c) signal they are comfortable with their debt position
4) Would like to see a share repurchase program at these price levels. I think the IRR’s on repurchasing company stock are higher than anything they are seeing in the marketplace.
5) No more decreasing the dividend. Sends the wrong signal to the marketplace. Would prefer an inncrease the dividend. Maybe not to 60 cents, but 40-45 cents. Even at this level, they would retain extra cash to cushion the balance sheet and save for opportunistic deals.

Bottom line, the drop in the share price was extremely disappointing this week because it was unexplainable, except the rise in volume. I think this corrects itself in the next several months. I might take another quarter and dividend announcement for shareholders to appreciate the stability of the cash flows and the company’s ability to pay and/or increase the dividend.