How do you know that nothing left to buy? Unless you have some inside info from the company, you may not possibly know what is going on here.
Based on SEC filings up to today, I strongly believe that some substantial value is still in the company at this stock price levels.
I might be wrong. I admit it. And I might be wrong only if some kind of financial fraud is going on and company lies in its filings. Well, everything is possible in this life even if I don't believe that this is the case here.
I will elaborate a bit why I think so. First, after SOX, it is quite possible for management to go to jail for a long time for outright lies on FS. I do not think that these guys are willing to go to jail. Second, there are shareholders lawsuits all around and any serious misrepresentation on FS allows shareholders to go after financial assets of the Board and top management. It is just too much risk for them I think. Third, even if they are all willing to take this risk, there are auditors left. And auditors are VERY CONSERVATIVE now. They do not want any risk to bring their successful businesses down how it happened with Arthur Anderson. Auditors will do everything now to make sure that the most conservative info is in FS.
Based on all this, I believe that FS of many companies, including JRT, do reflect their current financial positions and they reflect these financial positions conservatively.