You make some good points. I guess much depends on the companies timelines and what they beleive is coming near/mid term. I like the idea of the comany getting as many shares as possible now (at a 'reasonable' price) to a) take them out of the float and b) allow them to continue to appreciate over the ensuing months in order to hopefully use them, or a portion thereof, for M/A; in effect a little leveraging perhaps (buy .60-.80 shares, and spend them at $1.50 or so). My underlying assumption is that Patriot believes enough in what they own so as to be confident in a share play now even with the ruling still pending. Possibly a bad asusmption on my part, and perhaps too risky as you note. Of course management has the luxury of knowing just how much cash they have to play with and we do not, yet; maybe there is going to be enough to do both: buy a lot of shares and pay cash for a deal...................wouldn't that be special.