Will a stock buy-back make any difference in the company's future prospects? Of course not. It'll still be scufflin' for survival with or without less outstanding shares in the open market. It won't change anything of consequence. It won't bring in any more revenue. It won't produce partners in, "whatever that is". It won't enhance the company's ability to engineer new products or establish novel concepts. Under the current circumstances, it would be meaningless.

Prospective investors will still be left with the same balance sheet and will continue to be unimpressed.

Like I suggested before, a buy-back implies that the company thinks their stock is the best investment for their buck at the time. As I questioned before, if you were on the BOD, would you think so? Can you think of anything better to spend your bucks on? Maybe you'd be better off keeping those bullets in reserve, especially since you ain't exactly swimming in them.