Suing a company never helps that company. It diverts resources to the lawsuit.
Keep in mind AYRs business model is like a REIT, and that's the template they have chosen. You're advocating for a strategy that is close to a growth strategy. That's not the model this matches... there are plenty of growth stocks out there that give no dividend and instead re-invest the money each quarter into a variety of things. Sometimes that "thing" includes a stock buyback.
There is plenty of down and up left before we're out of the dark part of this. I'd recommend toughing it out or getting out, but not a lawsuit.
I think the low stock price of AYR,as compared to its peers has more to be with its huge debt load,not the payout. Institutions could not care less whether they pay a dividend or they hold on to it for expansion.
Given the model and sector I think the debt is in line. Though 3.3b sounds like a lot of money, as a percentage it is where it should be compared to competitors. If all assets were sold outright even at a discount due to on-the-book depreciation, there would be a book value of 1.1b over 73m shares meaning $16 to $26 (see Goldman Sachs recent valuation for AYR) outlay.
So the numbers look big to us but not in context. A leading fortune 500 company has 135 billion in liabilities. They also have 123 in equity and are trading like gangbusters. See XOM :) You can have great debt and still maintain great value in the marketplace.
At any rate, it was a good thought exercise.
Upgrading position from buy to strong buy pending announcement in 2 weeks. Moved from adding 13% to adding 35% at today's low. Dollar costed to about $17.00.