Skipped dividendsFrom a corporate point of view, it really doesn't make sense to pay out those two "skipped" dividends.
Why should people who just bought now get 3 dividend payments? Those who have held throughout the period do deserve the payments - but not those who are new to the party.
It's about $600 million that the company could use in so many better ways, such as share buyback. Also, in a credit crunch, it can't hurt to be overcapitalized. If anything, now is the time to buy distressed assets with that cash.