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Strategies & Market Trends : Value Investing

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From: Grommit	1/13/2010 9:37:12 AM
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FR-K. I sold a ton of this yesterday and am so thankful that the volume was there to allow it. finance.yahoo.com I sold because I do not think that they made this statement for nothing: "...it continues to operate with little cushion in certain of its financial covenants... if the Company were otherwise unable to meet that covenant, the Company believes it could meet that covenant by choosing to suspend dividends on its outstanding preferred stock for one or more quarters. finance.yahoo.com I still a lot of shares, but not the +++ position that I used to. I expect that they may suspend the pref div in January, but it would be a short term suspension because they have to pay the common during 2010, and so they have to pay the pref in 2010. And it accumulates. In any case, if they suspend the pref div, the share price will tank, and I can evaluate whether to buy them back at a lower price at that time. That's the plan anyway. GOV prospectus. Incentives seem to be FFO based, not asset based. But there is a lot to read. page 59+ files.shareholder.com

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