Might I suggest OFSI at least put something on the bid at $3. Like 1,000,000 shares, bid at $3, good until canceled. This way you could repurchase at an attractive level and at the rate things are going you would probably fill your order over time. And it would be nice to see some floor somewhere above zero. No need to screw around with little orders; just get all you can at $3. Or set it at $2 if you have absolutely no faith. Just set it above zero.
It"s 1 a.m. Friday the 8th. I just got the news that broke 6 hours ago that the Board of Directors has suspended the share buyback and temporarily suspended the quarterly dividend in order to conserve capital. There has been deterioration in the community development portfolio due to macroeconomic conditions in Atlanta and Tampa. Also, some personnel have been violating lending policy and internal communications, with the result that Mr. Klein has been changing personnel and giving staff much more training. The first quarter of 2008 won"t be so good due to the mess. There will probably be some losses. Nobody panic and sell. Senior management is seasoned and excellent. OFSI is sound. If the Board of Directors takes my advice and cancels the quarterly dividend permanently, I will be a happy shareholder and OFSI should see a good profit over the entire year of 2008.