You said: "The only other reason to me for the lack of buybacks could be potential ongoing M&A negotations."

That prompts some thoughts.....  Now, this hasn't been THAT much of a dip (like awhile back when we dipped into the 30s, and PTSC announced a buy-back), so maybe they'll hold off on pulling the trigger.  But the thought you prompt is that the ONLY really good reason for not buying back shares right now is IF an acquisition is imminent.  And I suspect that is your intended message.

I remain convinced that there are no regulatory prohibitions on the  company buying back shares due to "insider information", as all companies as entities ALWAYS have inside information - all of it.

Thanks,

SGE