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iStar Financial Inc. Message Board

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  • mlbgallery mlbgallery Nov 21, 2008 3:08 PM Flag

    4th Qtr debt buyback

    What was the figure they still had available for stock re-purchase 50mill ???

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    • 44mm, they already purchased two plus million shares for $6mm, plus or minus, i was guessing $3.50 but did not take time to run the actual numbers. If they bought at $3.00+, what do you think will happen at $1.00....i'm guessing by the time the remaining 44mm is spent, they will have reduced outstanding shares to 100mm.but I like round numbers...

      • 1 Reply to seaandem
      • Sean,

        Don't get me wrong, I love the moves Sugar has done with debt, sales and SFI reactions to the market. But, I a tad pissed about this buyback. THERE IS NO WAY THIS STOCK SHOULD HAVE BROKEN A BUCK WITH SFI SITTING ON A 44 MILLION BUYBACK. They spent 6 mill for 2 mill dinky shares, yet this stock has broken a buck twice AND I'M DAMN WELL PISSED ABOUT IT. WHAT THE HELL ARE THOSE IDIOTS DOING? There is no way SFI should not be buying every share traded at a buck and should have a million share buy sitting at a buck. Hell, they are paying 10 mil in PR for pfds - WHICH I BELIEVE THEY SHOULD BE. BUT THAT BEING THE CASE THEY SHOULD DAMN WELL BE SPENDING THAT BUYBACK LEVEL FOR EVERY DAMN SHARE THEY CAN GET AT A BUCK AND THEY DAMN SURE ARE NOT DOING IT.

        Now they may be buying - who knows - but regarding the buyback THEY NEED TO GET THEIR HEADS OUT OF THEIR ASSES.