You may be right up to a point, but not all holders are...

You may be right up to a point, but not all holders are leveraged for the dividends. Myself included. This was in my retirement fund, was happy to be in the stock, happy to be in coal, and happy about the dividends. The cessation of the dividend was for me a huge blow from an income perspective, I had to bail out, I dont have that kind of expected lifespan being in my 70s as a self funded retiree to wait 3 or 5 years for a return to the big divvy payouts assuming YAL will have a large debt profile if the asset purchase goes ahead and divvies will be at lower yields. If YAL need to bolster the cash available to do a major asset purchase, which is likely, then a CR will will also be needed as part of the cash mix. Having to do it now at these levels or even less is a major hit. If they had say halved the divvy, the impact on the share price, rightly or wrongly, would not have been so extreme and a CR could have been done at a better price. In other words, saving some $$ on not paying a divvy versus a much greater "cost" in having to do a CR at such a depressed value.