That usually happens when executives THINK the stock is undervalued and going higher in the future. But, the executives also hold tremendous quantities of stock personally, so it's quite easy to see how that is a self-serving policy.

From a merger/acquisition standpoint, adding debt and making the stock more expensive could be seen as being a defensive maneuver against being acquired.

Our executives and board are well compensated for their operational "excellence". They have locked-in low pilot costs and get to keep 99% of corporate profits instead of sharing them via profit sharing. They are probably going trans-atlantic soon and will soon have Moxy to grow their network on the West coast (to probably be merged into mother-BlueJet 5+ years later). They may very well not sell this company.