Skegbyhouse - I don't think you are confusing this with NWBD which is cumulative in the sense that any skipped dividends (it is a pref not bond) are paid in more NWBD at a rate of 4/3rds. This isn't true of HALP which is cumulative but just pays up the missing after the suspension period. I just can't remember why we get 18months now and the other missed coupon later but it will probably be apparent soon. Log
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