Whether you are short of long PSN, the dividend is immaterial.  Two groups of people made serious money on PSN.  Those that shorted over two weeks ago, and those that bought it at 4.76 and held on for 2 days.  In both cases, the dividend contributed absolutely nothing to their decision making process.

Unless something miriculous happens, the dividend will be cut. And even if it is cut in half, PSN will stil have a very attractive yield.  This will likely be viewed favourably by the market, and might be a good short-term entry point as a long.  But then margins will be compressed further, leading to further cuts, and ultimately more declines in the share price.  If you are holding on to this thing for the dividends, might I suggest something like Pengrowth.  It pays an attractive yield, and both the dividend and stock price have cratered lately to sustainability.  Holding on to PSN for the yield is equivalent to buying Greek 10 year bonds.

This is all the opinion of someone that got burned by PSN.  I am still re-reviewing every document I can find on this company, and all I see is cockroaches.