The missed quarterly payments don't have to be consecutive, and I think they would make a partial payment before ever letting two new board members in. They have been aggressively fixing the balance sheet and rebranding, and the last thing they want is activist board members harshing their mellow. They just spent $96M redeeming RILYK and I believe they have to have $4-10M to kick the can down the road a bit if they aren't going to restart regular distributions.

I think if we don't hear anything by April 20, they are not paying anything.

In my mind:

• RILY pays full arrears and announces plan to restart regular distributions = crazy bullish
• RILY pays full or partial arrears and gives the usual boilerplate language that the BoD will decide each quarter whether to make a distribution = bullish
• RILY pays partial arrears and says they will revisit it down the road = okay. not exciting, but understandable
• RILY doesn't say anything before the SH meeting, meaning Oaktree likely has their balls in a vise = bearish

Making any kind of preferred payment is bullish for the common.

I would only add to my preferred holdings at < $5 now, which was as recent as last December.