MOTG - thanks ruff.
If there should be a spinoff, and the company is viable and publicly traded, then there is value to the shareholder--not "something for nothing". Such spinoffs eliminate the "holding company discount" that is applied to conglomerates of dissimilar buisnesses.
I would agree, if really successful, this kind of BDC has more opportunities than cash, and would hoard their cash. Still, they did pay a cash dividend in 2004.
I am going to try to talk to Anthony Welch, the CEO. I would like to have him tell me more about their "forward capitalization" business model, plus detail the current and prospective capital structure of the company.