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  • dontbetheball dontbetheball Sep 18, 2001 12:33 PM Flag

    Mr. wheaton

    They eased the rules for share buybacks. How about buying some shares for the company instead of your own self!

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    • Dear dontbettheball,
      In October 1998, Star Buffet entered into a $20,000,000 syndicated financing facility (see details in Star Buffet's 10-K, 10-Q, or 8-K). This facility permitted the repurchase of a specified amount of Star Buffet common stock. All repurchases of common stock permitted under the agreement were completed in 1999.

      Although the Board of Directors of Star Buffet has authorized further stock repurchases and there is availability under the revolver, the bank syndicate has not permitted further purchases while the loan remains outstanding. For you information these facts have been disclosed in previously released press releases and covered in quarterly conference calls.