That is absolutely not true. The much more sensible reason is to take enough off the table to align investors and the management by (a) making sure the manageme

That is absolutely not true. The much more sensible reason is to take enough off the table to align investors and the management by (a) making sure the management isn't worrying about personal cash day to day, and (b) allowing the managers to prefer a home run swing rather than an early acquisition. It's always controversial, and never more so in my memory than here.