What Board would authorize any amount of dividend from the very beginning of the company's public life?

Why set and declare dividends in advance of Finanical quarter ends and approve them for three months in advance and pay out monthly when you know you are directing an unproven business model

Why would the Board approve over $20mm in dividend pay outs for the 4th Qu. 2012. at the rate of .09/sh. per month given the weak condition of the enterprise which surely was or should have been known when dividends were declared around Oct 22 and also knowing full well that funding would have to come from debt. Just like those wonderful Income Trust funds started up around 2001 that paid out large dividends to only go broke in a few years or hang around with share values that were knocked down by 80% or more and stayed there until the Feds but a stop to it and pulled the plug on Oct 31, 2006. ( PSN Q3 earnings 0.13 vs est. of 0.48 on revenue of $41mm. and real EBITDA of about $14mm).

So much for current history....fast forward to Q1, 2013.  DRIP or no DRIP that is the question,who really cares...besides if this turkey wants to pay any dividends beyond Q4, 2012 surely most investors would want the cash!  If the Board decides it is time to change their ways they will elect to do one of the following.

One, stop all dividend payments, disregard short term share prices, build cash, protect the business operations from too much debt, and develop revised business plans that could result in growing market share against the on slot of new competition.

Two, failing one above, pay dividends quarterly in arrears against internally known operational results. Therefore, Q1, 2013 dividend, whatever the amount could be would be declared in April and paid in APRIL, move away from the Income Trust model.

Three, failing one or two above, pay an annual dividend at year end against known operational results.

Four, resign from the Board, the law suits are coming!

Have dividend payments created a value trap in the first year of operations and were investors perhaps mislead? Future sustainability, if you do your own home work on PSN, are not very good at any level of pay out, even more so if good Corp Governance were to appear for the first time in the Board Room. As for the coverage and revisions make by most of the Investment Houses, hum bug, do you know a lot of seasoned brokers who work for the same House don't accept their recommendations.Virtually all ten Houses covering PSN came out in two days or less form the time of the crash, and in the case of Canaccord was on the street first with a revised target price of $14/sh  a couple of hours after PSN opened down more than $6.per share a kept falling on the 14th

After a reasonable period of time to perform some independent D/D we are now hearing from new Institutions recommending SELL.