THE RESULTS OF THE PREVIOUS STOCK BUY BACK THAT OUR WORLD CLASS BOARD IMPLEMENTED?
Let me refresh your memory.Mangement previously repurchased 23.5 million shares of STK stock for a total cost of 739 million. Their average cost per share was $31.44. With a present price of $13.5 per shares equates to a loss of $17.94 per share for a total loss of $421.59 million.
Present stockholder equity is $919.199 million. Another loss like this would wipe out over 50% of the present stockholder equity.
Do you still believe that the purchase of STK stock at the present price with the present management in place is a good investment. Is it not possible that STK's stock price will go to single digits if there is not a significant change in management? If STK's stock drops to $7 or $8 per share would you then recomend that STK make a third stock repurchase?