High cash does make a company survive. By definition, In order to use up the cash you need negative cash flow. At this point, GME is generating more cash than it knows what to do with, hence the dividends and stock buy backs.
I do agree with your statement that this is no longer a value buy. My average cost is $22, so I'm holding at this stage. Personally, I wouldn't be buying at this level. Of course, depending on what happens during the upcoming year, $35 might end up looking cheap.