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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (30907)5/9/2008 8:10:00 PM
From: Madharry  Read Replies (1) of 78644
 
im pretty annoyed with mcgc management not to mention their ir guy. There were lots of indications that they were likely to cut their dividend including a comment by a jeffries analyst who downgraded the stock at the time citing a likelihood that they would cut the dividend. When I spoke to the IR guy, he went out of his way to tell me that the analyst's comments were purely speculative and that management has consistently reaffirmed the dividend guidance for the year. Although I was skeptical at the time because not only was it clear that their were liquidity issues but on top of that some of their income is PIK in other words no cash. Now they have not only cut the dividend but they are waffling on whether they would raise equity at these absurd levels now that they have been given a mandate to do so by shareholders with rocks in their heads. I hope they know their business better than the shareholder relations aspect of it.
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