Could be worse you held long enough to recover a bit.
Crescent are gonna keep starving shareholders of dividends and using cash to buyback shares in my opinion. They can absolutely afford a dividend.
Its like Ben said in the great depression - this corporation has milked its owners.
"In our first article, the present disparity between the cash asset position of many companies and the price of their stocks
was ascribed in part to the huge issues of additional shares which transferred money from stockholders' pockets into
corporate treasuries. According to the New York Stock Exchange's compilation, the funds so absorbed by listed companies
alone, between 1926 and 1930, amounted to no less than five billion dollars.
The total sale of corporate securities to the public in this period exceeded twenty-nine billions, of which a small part
perhaps was turned over to private individuals, but the major portion was paid into the businesses, and either expended in
plant additions or added to working capital.
It must not be forgotten that other enormous sums have also been accumulated in the form of undistributed earnings. After
this tremendous influx of cash it is no wonder that corporate treasuries are still bulging, despite all the money that has been
spent, or lost, or paid in dividends.
But what of the people who supplied the bulk of this money; the investor who bought new offerings; the stockholder who
subscribed to additional shares? They are not rolling in wealth to-day, nor burdened with a plethora of idle funds. They
stripped themselves of cash to enrich their corporations' treasuries; they borrowed heavily in order that these corporations
might be able to pay off their debts.
The grotesque result is that the people who own these rich American businesses are themselves poor, that the typical
stockholder is weighed down with financial problems while his corporation wallows in cash. Treasurers are sleeping
soundly these nights, while their stockholders walk the floor in worried desperation.
True, the public has more stock certificates to represent the new shares which it paid for, and each certificate carries
ownership in the cash held by the company. But somehow this doesn't help the stockholder very much. He can't borrow
from the bank, or margin his existing loans, on the basis of the cash behind his shares. If he wants to sell he must accept
the verdict of the ticker. If he should appeal to the officers of the company for a little of his won cash, they would probably
wave him away with a pitying smile. Or perhaps they may be charitable enough to buy his stock back at the current market
price--which means a small fraction of its fair price."
I also think it's a mean trick they are playing but I will play their stupid games by their stupid rules and outplay the greedy pricks.
All the rules are weighted to the little guy.
I am going to wait the aholes out, 24 to 36 months fine - I will benefit from the buyback. There's not much out there anyway and returns for me come mainly from buy and long term hold.
