According to PBN's latest quarterly report their dividend payout ratio was 37% after taking into account it's DRIP program it was 14%. Even with current oil prices the dividend is safe and would still be if oil went somewhat lower from here. All of this information can be found on their web site, something anyone should know. I hope your spelling is not an indication of how good you were at financial engineering,
It would never be an ideal time to reorganize PBG and PBN, hind sight is great after the fact. As a frustrated PBG shareholder I knew PBG was never priced right previously to PBN, it's share value never properly reflected it's holdings of PBN and it's other assets, only now is it starting to do so, but it is still not there yet.