Doug notes:
"<<The company just announced a resumption of the 1MM share buyback... >>
"That's pretty funny. I wonder if they saw my plea in an earlier post.
In any event, we are now down in the mid 8's on that news. I guess people remember how effective the last buyback was."
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Geeez, Doug, I was wondering if I was the only "thread" regular who would remember!
See, this is the problem with credibility. Once lost, no one believes anything you have to say. Even with the past buyback, management completed the repurchase of only approximately 30,000 common...a drop in the proverbial bucket.
And, faced with my questions during the 1997 annual meeting about just this subject, David Buchanan, Board Chairman, said that the company didn't really want to buy back stock because it would reduce the float, leading to trading anomalies. (Anomalies is *my* word, as I can't remember his precise wording...though the essential thought was more or less the same.)
Credibility. Credibility. Credibility.
In public companies, it is similar to Location, location, and location for real estate.
I still think the worst is over, and the bottom was made by intense margin selling. However, my wish list is the same as Raefon's (and others).
Someone please make a bid. (Even a low-ball bid, frankly at this point, I don't really care.) |
