When I spoke to him about it, my impression was that there would potentially be better ways to spend the money to grow the company. Also, the settlement appeared to be up in the air with the insurance company still out on whether or not all claims were covered. It would be nice to have that money, since at this point it would be free and clear.
A stock buy back would definately be an option in my book, and may indeed be considered by management. I'm just not sure what other "options" they may be considering, if indeed they get the extra money.
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