Curious how you like the Fool letter Max.
I won't be renewing Morningstar Dividend Investor. I'm glad I haven't followed him into some of his picks.
<Josh Peters has MMA as a one fisted table pounding buy. 14.4% yield. Do your own dd.>
Message 24170480
As of that day MMA closed at $14.73, down 50% for the year. Now known as [t]MMAB.pk[/t], it closed at $6.47 Friday.
Why pay someone to get blindsided like this:
BALTIMORE--(BUSINESS WIRE)--Jan. 28, 2008--Municipal Mortgage & Equity, LLC ("MuniMae" or "the Company," NYSE: MMA) announced today that its Board of Directors has declared a dividend distribution of $0.33 per common share payable on February 15, 2008 to shareholders of record as of February 5, 2008. The Company also announced that while it expects to have completed by the end of February, its substantive work required to prepare its 2006 financial statements and its restated audited financial statements for 2005 and 2004, the Company does not expect to be able to file its audited financial statements by its previously announced goal of March 3, 2008. Based on work done to date, the Company does not believe the results of the restatement will materially change the previously recorded cash balances of the Company and its subsidiaries.
The reduction in the dividend distribution from $0.5250 to $0.33 per share is due to the cost of the Company's ongoing restatement of its financial statements, the decision by the Company to conserve capital to protect the long-term prospects of the business given the current volatility in the credit and capital markets, and the desire to dedicate additional capital to the high-growth Renewable Energy Finance business, an increasingly important part of the Company's business. A portion of this dividend will be paid from sources other than cash generated from operations. The Board of Directors will continue to review the Company's dividend payout on a quarterly basis based, among other factors, on the Company's net cash generation and the strategic needs of the business.
phx.corporate-ir.net |
