Reduction of dividends, and/or a tiny dividend, could be devastating for the PPS. However, with good planning there shouldn't be any fear for that (although financial planning is not something you would expect from Solomon...).
If the pre-IPO succeeds then 0.15-0.25$ quarterly (0.6-1.0$/year) should be a walk in the park; not only will TRW and the partners repay SIAF, but CA will earn A LOT of money from the consulting.
If the pre-IPO does NOT succeed, then it gets a bit more tricky. The question then is whether the partners have repaid SIAF as they were supposed to before the HK registration, and/or how much TRW will repay of it's dept to SIAF (in the Q2 they stated that they would start to repay in Q3).
A quarterly dividend of 0.15$ gives a yield of 25-30%. If that doesn't give support to the PPS, then so be it (what other growth and high-dividend (i.e TRW) stock gives a yield of 25-30%???). With 20-25 million shares that's 12-15MUSD.
Without the pre-IPO things get more difficult, but have SIAF ever had anything remotely close to an EPS of only 1.0$ for a full year? Sure, Q2 was bad and this can happen again, but for a full year? The thing that might be challenging is whether TRW should use it's cash-flow/profits to expand (whereas CA would earn some money) or repay it's dept to SIAF.
