<I agree that divys are the primary action contemplated.

Let's assume for the sake of the exercise that cash on hand before divys begin is 100 mil. That 100 mil stays in the treasury and that gurantees a stabilized minimum pps considering potential divys on top of that.

At any point, but more so as we approach the end of the MMP potential, the pps might begin to lag the inherent value. If/when that happens, reducing the outstanding will automatically boost the value of the remaining shares. That can be done until we close shop and distribute the 100 mil sitting in the treasury which will hopefully provide substantially more than 25 cents, depending on how many shares have been retired.

I would prefer it be done in this way in order to stablilize the pps throught the entire period. Otherwise, we could see wild pps swings, as people buy for the divy and exiting promptly thereafter. Couple that with deminishing expectations, those swings could by huge. With such stabilization, I could feel comfortable holding onto my shares until the final distribution.

But the buybacks only make sense if the pps is significantly undervaluing the investment.

Obviously, I'd like to hear what others think on this subject.

Opty