insane dividends

[wzebra33]

28% special dividend,stock trades at $1.08
MRV Communications to Issue Second Special Dividend

CHATSWORTH, Calif., May 02, 2012 (BUSINESS WIRE) -- MRV Communications, Inc. (otcqb:MRVC) ("MRV" or the "Company") announced today that its Board of Directors has declared a special dividend of $0.30 per share payable on May 25, 2012 to stockholders of record as of May 16, 2012.

This dividend is part of the Company's ongoing effort to maximize the return to our stockholders. In addition to closing the sale of CES Creative Electronics Systems SA on March 29, 2012, the Company entered into an insurance policy on April 26, 2012 which insures the risk associated with the Company's indemnification obligations on certain sale transactions into which the Company had previously entered. By insuring these contingent liabilities, the Company has freed up additional capital for this distribution. The aggregate cash distribution to stockholders and option holders is expected to be approximately $48.6 million. The Company had total cash and cash equivalents of $96.3 million as of March 31, 2012, and will continue to have sufficient capital to continue to invest in and support its businesses.

Additionally, to ensure MRV option and restricted stock holders are not adversely impacted by the dividend, the Board has approved a staggered cash payment to option holders equal to the loss in fair value of their options attributable to the dividend and approved a full dividend payment to restricted stockholders along with other stockholders. The first installment of the cash payment to option holders will be paid out promptly following the payment of the special dividend with a final installment (contingent upon continuous service to MRV) to be paid out twelve months later.