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Non-Tech : Knight/Trimark Group, Inc.
KCG 20.000.0%Aug 17 5:00 PM EST
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To: Sir Francis Drake who wrote (3441)8/12/1999 6:40:00 AM
From: Ron McKinnon  Read Replies (3) of 10027
 
Morgan

you comments are well reasoned, but I think you are over reaction to the cancellation of the share buyback program

the buyback was:
On October 8, 1998, our Board of Directors approved a program to repurchase, over a period of up to eighteen months, up to 3 million shares of our outstanding Class A common stock up to a total aggregate amount not to exceed $20 million

ok, now reality
on 10/8/98 the stock was at $5 (pre split)
so for $20mm they easily could have bought the 3mm shares

on 7/21/99, at $52 ($104 pre split) $20mm would buy a paultry 385,000 shares, virtually meaningless

so my read is that the program was put in last Fall to support an insane under valuation, and the cancellation simply faced the reality that a $20mm buyback was of no value

nothing sinister
not bad management
simply reality

please continue to post on SI, your in depth comments are very worthwhile and I have added you to my short bookmark list
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