If the largest shareholder is selling I would hope the company uses some of the remaining buyback authorization to buy in shares. 11 million shares x $2.50=$27.5 million a small portion of the remaining buyback authorization. I realllize they are trying to preserve cash for the restructuring...but what a great opportunity for future per share earnings growth. If and when the shares find a stronger hand the price should improve quickly and drastically. The industry is still viable and needed.
Tend to agree with you so the fact that they aren't doing any repos seems to suggest they remain very concerned with their ability to generate cash internally and want to conserve all the dry powder they can.