That decision benefits few at the cost of many (and eventually the few, just later). It is easy to imagine better uses of cash than full dedication to a buyback. Personally, I would make sure that R&D has plenty of funding, buy bonds, modernize old equipment, if necessary get consultants for leasing and insurance expenses,....basically hedge against risks and invest in competitiveness. Buybacks are fine to an extent. I think you know why the debt was cheap.