Wow, those rates reek of desperation. There is little to no chance we can service our debt load.
Remember when we spent $1.5 BILLION of good money to buy back stock during 2021 to 2023? That was back when the stock price was 3x to 4x the price it is today. I point this out to illustrate that the BoD and management does not have a great history of investing shareholders' money. And now they are essentially using a credit card to borrow money to continue to make bad decisions. I fear that there is no coming back from this.
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You are correct. Buying back the shares was reckless. It also helped JV artificially inflate earnings per share because less shares were available after the buybacks. Carl brought in JV, who brought in SB. SB borrowed money to buy out the guy who hired him in the first place at inflated interest rates. Who borrows money to buy out an activist investor?? Answer, a person who was directed by the activist investor to do so. Sadly, the pretend prestigious BoD is that in the eyes of SB who is the CEO of the equivalent of a travel futbol team. X is a pink sheet company managed by a pink sheet CEO.