Ann: Pioneer signs Scheme Implementation Agreement with Carlyle, page-22

Well done on the call, it pays off to do a right call but it's also easy to justify it in hindsight.

For me the lesson is to avoid/sell companies where there is any sort of government/regulator involved. I think IFL is the example I can recall that actually managed to turn it around; I'm sure there are more but the risk is definitely unneccesary.

In regards to PNC, assuming we are not insiders or friends of the board and rely/trust only formal communication from the company I think most of the posters here would agree that it was a logical risk to hold a seemingly undervalued stock after the HY results 2019. No matter how royal was the screw up of 2019, I did not have any reason as a long term shareholder not to trust the management. Remember that for consecutive HY periods they beat their guidance and delivered good yield and growth, and if we are to believe PNC's side of the story they'd do it again with the old standards. The fact that a buyer was found even at significant discount to the current SP indicates that if we didn't have the accounting and default issues the SP should have been more or less around the levels it was for most of 2019 (low $2s) at the very least.

For discosure, $1.82 is just a bit higher than my purchase price ($1.78), but I walk away with 4 years worth of dividends + credits, so not my worst investment. Considering selling out sooner than the scheme date, as there should definitely be some opportunities until April/May.
I hope more recent PNC holders did not lose much on this, and I agree it could have been much worse off.