Actually it does make sense if the "buyback" is being used as mis-direction. Buyback 175M, sell 300-400M from the 504. Pocket the profit and make us think things are good by PR'ing these paltry buyback figures.
WHAT EXACTLY IS THE 504 DILUTION? Are you guys talking about the Reg shelf unit that Sandy was talking about? Why dont you use your DD skills to find out if more money was tapped from the original 1 mil. That way you can be sure. WHy assume the worst?