Sorry about the SDE...thats why a reposted right after about my lack of typing expertise...to SGE...my error.

I understand you reasoning of valuation of the company where cash is concerend but if I'm the one doing the acquiring, my treasury stock is an asset on the books and can be used for acqusition "funds" in a M&A situation. IF the price appreciates so does our asset base... cash +bought back stock... that can be used just the same as pure cash when acquiring. I realize it is a drain on the cash on hand scenario but if as a leader of the company and believer in what is come I would use some of that cash...prudently of course, to increase my potential in assets on hand that can be used in an acqusition. JMHO.