I understand your analysis and thinking but the market has little confidence in the management of the company and its ability to fight off foreign competition in its industry. I suspect the market is right, at least for now, and they are driving the stock to new lows on increased volume. For now, I think it is at least partially a matter of priorities. With the company's business under siege in a weak economy, management will most likely try to save itself and as many employees as it can. With the continuing demands to fund healthcare costs and retirement costs, there will be little if anything left for shareholders. I am glad I no longer own this stock. But, if prospects brighten, I will consider it in the future.
I really feel bad for the employees still there trying to slug it out, in my opinion the younger Starrett really doesn't seem to care....he's a multi-millionaire while his employees struggle ie...he gave himself a nice little bonus of 40k and the people got...you guessed it NOTHING...I think he's to selfish to even care about the company.