buy back, page-14

If the market falls further the buy back would support the share price. How is this a bad move? It signals to the market how undervalued LNC feel the share price is. The cash is just sitting there at the moment and buying back at these prices is not a bad investment. It also shows they must be confident of divesting Teresa and hence further cashflow will be coming into the business to focus on the core business. I'm not sure how you get 1.46 but that would imply a shareprice of around $750m, not infeasible but very unlikely.