cash and recievables $312m ...mc $200m , page-38

Surely the answer here is in two parts:

(1) As Peter has suggested...buy back when the investment alternative isn't as attractive.

(2) What is the future of the company...because the ultimate buy-back gets back to just one share and a pile of cash which means the business itself has no future.

If we believe in the business model and want it it have a viable ongoing future, then we need a constant flow of acquisitions at below MV so that we can dress them up, put the lipstock on and flog them.

I'm happy to be in the latter camp! You've got to fish when the fish are biting and if now is the time to pick up distressed assets then that's what we've got to do.