A little more info on the stock buyback. All employee groups were getting raises, but the shareholders were not getting any return on their investment. Due to a condition from HA
's credit facilities, HA
is prohibited from paying any dividends. If the merger went through, the shareholders would have been rewarded through that, but since it didn't go through, the stock buyback was a way to get around the dividend restriction. As stated before, it also was also done to try to prop up the stock price after the merger was cancelled.