if such a bargain why dont directors buy, page-9

Well, actually, the directors did NOT stuff it up the first time. Don't blame them at all. It was some other outside interference from left field. It could have still gone ahead, but they decided to deal with it first, then do it again. I won't elaborate, but as it turns out, it was a blessing in disguise, and if you are lucky enough to get any stock YOU are the beneficiary.