I have to believe that Mr. Turley is working in the best interest of the company and it's shareholders.  That being the case, I most certainly thought back to his statement concerning holding funds for more prudent uses.  No shares repurchased during that time period makes me wonder if there's good reason ie.,  ongoing M&A activity.  I'm also a realist and did wonder if they thought the S/P would fall once the NDA was announced.  The CEO's responsibility is to protect the companies interest and wealth.  If he and Mr. Flowers thought the S/P would move south than why buy at higher prices in December?  Just wait until January and get many more shares at a much cheaper price.  I mean come on, if all the board guru's knew the price would fall if numbers weren't announced than I can't imagine our officers didn't have the same thought.  IMO.