dndodd: I would say that you are correct that IDCC could not be buying stock back directly if they were aware of material information. However, if the buyback was being done by an outside firm, under a 10b-5 type trading plan that was entered into when they were not aware of material information, then no problem.
Just another layman's opinion.
If I understand this correctly from a layman's point of view my orginal thoughts were probably correct. If IDCC is aware of material information that would make the stock prices appreciate they could not be buying stock back. Is that how you understand it?
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