Originally Posted by
AUP09
No regrets on buybacks. The cash would not be available to us today even if it was not used to buy back stock. Will there be buy backs in the future? Probably, but it will be long after the company is very profitable again.
Summer schedules are being adjusted every day. Mostly adding capacity but there are cuts too.
If it comes to it, they may let a few.
Buy backs are theoretical returns to share holders. You have to have the assumption that the trading range of $48 - $58 was supported by the reduction in shares. And had they not spent that money on the stock the trading range would have slid lower. It certainly didn't boost share value by eliminating 18% of the ownership. Had that money been spent to secure the retirement fund or pay down other secured debt there would have been less obligation now and more unencumbered assets to secure more loans or at a better rate. The buybacks did do one thing well, secure the performance metrics for management compensation.