At 73+, TIF is now priced at a P/E of over 20 on forward (i.e. projected 2011) earnings with a diluted Book Value per share of 17.61.
An earnings-yield less than 5% may seem reasonable to some institutional holders given extremely low interest-rates in the U.S.
The increase in its dividend and share-buybacks far above Book Value despite 687 million debt show that TIF's Board is mindful of the cash thirst of its largest holders.
In one week, the ninth anniversary of the infamous SEC filing announcing the AMJC scheme will be marked by its individual holders. None of them are likely to consider a price for TIF above $40 to be fair.
The obvious conclusion is that AMJC cannot do prudent acquisitions in the current situation. Thus its holders must demand cash for their shares.
American Jewelry was a small profitable company that issued debt convertible to stock at the market-price (so-called toxic "death-spiral" because the holders of the debt can and did naked short-sell the common and cover through conversion). The stock with the original symbol AMJY underwent a reverse-split after massive dilution and a Press Release stating that the new AMJC had indemnity from claims by AMJY-holders. WHB and 2 daughters each bought just under 5% stakes and noticed unusual trading-volume. After complaining to the SEC to no avail, they bought all of the outstanding and posted disclosure on the Message Board for JADE. This was at a time following the collapse of Enron, Worldcom, and other scandals which were rattling the financial markets. Manipulators apparently decided to use AMJC to cement Wall Street professionals and their friends in media, academia, etc. into a scheme to bolster "confidence." Then came the 9/11 attack. More than a billion AMJC shares were distributed at prices of less than 1 cent per share. Following the reverse-split, AMJC had a Book Value of about $7 and a trailing e.p.s. over $1 as well as a promising joint-venture with a Chinese manufacturer of jewelry-boxes. Trading was finally halted after another reverse-split and symbol-change to MSMJ shortly after an SEC filing on June 11, 2002 which implied support by the U.S. government. WHB and daughters filed a lawsuit in a New York federal court within one year which has remained dormant ever since.