The current business plan is:
Use proceeds to buy stock; give stock to management; have management sell stock; repeat
For shareholders ACAS would be much better if they issued a dividend. The way they're going, they're essentially giving the company to management.
While I own BAC, I stay away from this message board. Look at it. No analysis of BAC. Just political ranters. Go away. I have my thoughts about politics, but this should be a financial analysis area, not political analysis. Go away, most of you.
Anyone think the buyback is to get Elliot's shares....Elliot makes a quick killing, ACAS management no longer has to worry about interference, and can go back to "business' as usual/?
Nice article in the economist...."....the public company is showing signs of wear. One reason is that managers tend to put their own interests first. The shareholder value revolution of the 1980s was supposed to solve this by incentivising managers to think like owners, but it backfired. Loaded up with options, managers acted like hired guns instead, massaging share price so as to boost their incomes.". Hmmm.....
Blackrock is not in the same class as ACAS. Most people on the board are comparing ACAS to Blackstone (BX)...not Blackrock. Blackrock runs a whole gambit of investment companies, mostly mutual funds,closed end funds, and pension funds...and among all those companies, they have acquired a lot of ACAS stock. So don't get "rock" confused with "stone".
They don't seem to exhibit fiduciary responsibility. They are oriented towards taking care of employees (aka themselves) and aren't too worried about stockholders.
Well, someone's doing well on the buybacks...
K. Peterson exercised option to buy 93750 shares for $ 576,562.50.
He sold 37750 of those shares for $ 517288.25.
Net cost to him of $ 59,274.25
Net shares acquired 56000.
See Form 4 filed. Less
Net cost per share of net shares....something under $1.06 per share.