Buying back shares on the open market is silly at this point. I would rather see that cash used for something more productive than quelling short-term retail flippers' fears.
Maybe Brian realizes that if they won't take a reasonable offer for the note then letting them dump another 200MM shares will just let longs load up more at .0003 or .0002 and make even better returns over the coming months.
The PPS is artificially low right now because of dilution. The dilution will end soon one way or another. Then the PPS will go back up, quick. If you don't believe that then just sell and wait to see what happens.
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