If Hemi was one of those Pink Sheets that had a billion shares out there, and they started buying back to shrink things up a bit, that would probably be a common scenario.
But, IMO, Hemi's A/S is already really small. It wouldn't take many shares bought back to tighten things up. At the current SP it wouldn't cost all that much either. But as it is, Hemi's shares are still a "tool" in their arsenal. As long as the uses aren't dilutive, why take away a useful tool?
I seldom need my spare tire, but those times I have needed it, am I ever glad I had it.
Shrinking the O/S with a buyback might come in handy later too... but it costs money. I would just as soon at this time that Hemi use the money they have to get SOMEthing... ANYthing finished. Shrinking the O/S won't do much good for the company, and in the big picture, I think they need to get to full health to be of the most good to shareholders overall.
To me, it would not be best to give the shareholders a boost in the immedate by buying back shares, but at the expense of the company's health. In the long run, that would hurt remaining shareholders, IMO.
