I do not know. However, in the context of my 13D filings, it should be clear that my desire, first and foremost, is on having COBR build long-term shareholder value, and one way to do that (besides improving the operations) is to buy back stock that is selling at a significant discount to its book value. Management obviously has its own context for making such a decision, related, no doubt, as for any company, to the company's level of debt, expected demands on working capital, expectations for future financial results, et al. Suffice it to say, it would be wise to buy back stock, should the company return to material profitability on an ongoing basis, should debt levels be reduced further...and should the common stock still be trading around current levels. All within the confines of the company's credit agreement, which does not allow buybacks until next year, at the earliest (and only under certain conditions).
The irony IMO is that purchasers at $2.70 are getting good value. I am content with a little over 40k shares and will continue to guard the door daily (when I remember) with my bid for 700 shares at $2.11.