I don't know if you are aware of it or not, but there were investors who owned NPK and complained to the SEC about the cash horde after the company refused their demands to buy back stock or pay a large one-time dividend. The story appeared some time ago in the Wall Street Journal. The company doesn't need those kinds of shareholders.
Yep, I was aware of it. I've owned the stock since 1999. Picked it up deliberately because of the cash it held. Saw it as a good hedge against the "coming Y2K crash" -- own a company with a lot of cash that can move in to take advantage of turmoil if things really go nuts.
I don't blame the SEC for opening an investigation in the wake of complaints. I blame the SEC for zealously pursuing the complaints while far worse things were happening in the market place; especially when the company gave a logical explanation for its position (we are looking for opportunities and aren't simply going to buy for the sake of buying) and when it wasn't as if the disgruntled shareholders didn't have an option -- sell and invest elsewhere.
In the scheme of things, "You are financially sound, have a horde of cash, and a business plan to use that cash" is a heck of a lot better than the Enron model (We don't know how much cash we have, but we are buying companies and building power plants with no business plan or hope of profit; and we look good on paper because we are booking today our anticipated profits from the year 2020). That's the story I think that needs to be written.