Old Republic International Corp. Message Board
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Share buybacks would have been far better use of capital than a dividend, both pre-tax and after-tax. I'm going to give the Board the benefit of the doubt, that they looked at a share buyback and concluded not enough illiquid stock could be bought back.
Sentiment: Sell
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Just had to roll my eyes. 2M of book value transferred in the share grant, Board whitewashed the proxy statement, didn't lay out a balanced case for each side of the issue nor made their case per the details in the consultant's compensation report. You've got a CEO who wants to run a business and is doing well so far building a loan portfolio, but then you've got a Board that is unsophisticated and not true owners representing shareholders. Representing Ran instead, the situation is pathetic.
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A share buyback mistake using a load of debt combined with deteriorating operating conditions means the company could find itself in a bad situation, all because of failed leadership at both the board and management level.
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Things have to change at Jakks. Between the abominable buyback and bloated business, the Company is not being run the way it should be. We need to competence and enthusiasm in the management ranks. Where is the board?