Earlier this year, BlackRock American Income (BRAI) announced a radical shake up. It asked shareholders to approve a new investment objective and policy, announced a new enhanced dividend policy, cut management fees drastically, and offered shareholders a 20% tender at a 2% discount to NAV (after costs). The proposals were welcomed by investors, with more than 99% of those voting giving their approval. The tender offer was undersubscribed, with just 16.15% of BRAI’s shares validly tendered. ....