I am with you Burko.
We could have tendered at 2.98 and bought back in the 2.70s, or something like that, and we could have done it the past two tenders as you say. The first one spiked NRO above $3 and you just could have traded that. I was expecting the same action the second round but it never occured. Still NRO dropped well below the offer after commencemnet.