Monday, March 12, 2018 4:17:28 PM
The first run we saw was likely the broker creating liquidity to buy back shares. Eitherway, as a client, I'd expect that they run the price once done or let market do it, to sweeten the repurchase deal. I.e. if broker got paid in shares, this would align with our interest so it's mutually beneficial for the broker, shareholder, and company to run the price. I've seen an outline from a market maker like this once and it opened my eyes in-terms of how these repurchase programs get done, and I don't think I've ever seen one end up bad... Especially for an 80% buyback.
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