Some terrible analysis across the FAR boards overall. It's...

Some terrible analysis across the FAR boards overall. It's pretty simple, they're considering how to spend the cash (distribute, invest, buyback etc.) and have determined their market cap is substantially below NAV, so buybacks are accretive. You can argue that this is incorrect based on oil outlook and value of their contingent payment (which is the most questionable component of their assets), but the idea that this buyback is bad because their not giving money back to shareholders is nonsense...

I get the history of the company but the buyback makes sense unless you have strong feelings on the contingent payment.