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ACAS will not pay its previously announced Q4 2008 dividend.

• The previously announced $500M rollover into 2009 has been reduced by $45M due to inability to exit investments. Additionally, ACAS siphoned off $155M as a deemed distribution, leaving $300M to be declared by June 2009.
• ACAS will now declare dividends on a quarterly basis after financial results are reviewed. Technically, this may make my post heading incorrect as the company must pay 90% of ordinary income under its current structure and its unclear to me how ACAS can simply stop paying a dividend as long as their assets are performing as CEO Wilkus has asserted all year, including yesterday. During the conference call, Wilkus made a distinction of Q4 2008 not being suspended but that the board will review the payout once the numbers are finalized in early 2009.
• The company announced an all-share takeover of its ECAS subsidiary, pending shareholder and regulatory approvals. Management estimates this will add $1.25 to NAV, helping to stabilize their leverage requirements.

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