RE:I agree plus additional thoughts
forkliftguy, I fear that although you may be right with your observations, you may end up getting what you least want, a special dividend.
The share buyback option will be extremely difficult because Alan K. mentioned when he carried out the last one that it was appropriate because it did not affect the float since the shares were not actively traded on the open market. So, if his goal is to preserve liquidity in STLC stock he will be hard pressed to make any meaningful open market purchases.
Secondly, I believe a special dividend is in the cards because of the nature of the business. Leaving cash on the balance sheet of a company that operates in a highly cyclical industry although desirable is not practical when run by entrepreneurs that have significant skin in the game. These individuals would rather extract the cash and have it sit in their holding companies as opposed to having it sit at the operating level and seeing it disappear when tough times hit.
Unless the cash is earmarked for a major acquisition, expect another special dividend like was done in 2019.
Just my opinion,
GLTA