Not sure if you are asking a question or agreeing with my post, either way I will respond.

After a settlement, what can we use for M&A?

IMO, If we buy shares today at what I consider to be at a discount, than the shares repurchased will be worth (5X, 8X, 10X) more after a settlement  providing management more leverage for potential mergers/acquisitions.  Think about that, would you rather limit your list of possible acquisition candidates to ones that only $10M can buy today, or would you rather include $100M candidates tomorrow? 

I would think that to hang onto the cash, rather than buy stock, would be about as foolish as the divys. 

We are in agreement 100% here, so maybe I didn't make this clear in my previous post? Hope all is well with you. Good luck to you, me, us, and all longs.