Why would management buy a stock that is still above what I...

Why would management buy a stock that is still above what I would consider fair value? There are a truckload of reasons why the share price continues to tank but holders like to turn a blindeye to them.

My philosophy is that you'd be silly to hold a stock where you don't like management and they have a poor track record to back it up.

Also, the $1.91 (I think) gap from way back has filled - what a fall from grace from 12 months ago