You describe two situations in which the companies dealt with cash reserves differently: one acquired; one returned cash. You agreed that both decisions were correct given the specific circumstances stated.

When PTSC decided upon the return of cash, what were the specific circumstances vis-a-vis S&L and acquisitions, for example. Was there the oft touted accumulation on-going? How much of the $98million, after all payments, but excluding the cash return, was available for acquisitions?

I feel your examples are incommensurable only because like is not being compared with like.

A question, How much would it have cost to retire all the S&L warrants had there been no cash returns?

Be well