I have been involved withh finacial engineering for a long time and sometimes you outsmart yourself and it turns around and bites you really bad . I frankly believe that management miscalculated both the timing and the short term effects of the reoganisation . They did see the very negative short term impact on the price or they received bad advice . All the analysists I read were speaking of a slightly positive effect .In the the mid to long term this may be true but not short term .
There is nothing wrong with the fundamentals of the company . Also why would they cut the dividend now and get more egg on their faces . Last year they had a perfect opportunity to make a cut when the share price was below $7 ( yield I believe >11% ) and they were staring down a debt repaymnet of some $750 million .