Confounding

American Capital Strategies: Management Credibility in Question

Management probably did freak at the prospect of topping the 1:1 leverage constraint but, before taking this action on the dividend, had they considered petitioning the regulators for a waiver in light of the extraordinary circumstances. As the saying goes..."don't asks, don't gets"...failure to have asked has resulted in huge additional, potentially unnecessary taxes and the decimation of shareholder value.