Build, I'm not sure Joe thought the dividend would increase share price. I think his intention was to grant more of the company to the shareholders (particularly the long term ones) and then his acquisitions/spin outs would increase the pps. That way, the shareholders would benefit from the dividends.

Remember, with any dividend, the market cap gets reduced by the divi amount if the dividend is cash, and the pps gets reduced proportionally to the increase in shares if the dividend is shares. So without the other catalysts, I don't think there was ever any hope of the dividend itself raising the pps.

JMO.