"he's working with borrowed money....the lenders are calling the shots..." ---> But it's not always up to the lenders as to exactly what & how it's spent. We don't have the details to make this kind of statement yet; unfortunately.
But even though I'm hearing that the buy-back is still going to happen (via rumor), I think my personal feeling is much the same as yours. What purpose would buying the stock have to benefit the company? I can't see any at this time.
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