What you said is reasonable, but it only applies when they have sufficient surplus of cash which they don't. You are putting them in a tight spot which they already are that might be consequential in the company's future. Let alone the "new money." Get it together first before you even consider paying dividends.
This is why high yield are dangerous, company starts paying dividends in a worst time possible just so they can attract "new money" and prevent the falling market price. To me, that's the same as manipulating the stock price and misleading the shareholders.
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