Subject: Re: Life Beyond Cash
Please explain how the Dutch auction retires the shares. What is being auctioned?

In effect, what is being auctioned is the price at which the buyback will happen.

People submit various prices, and how many shares they'd be willing to sell at the price they've named. All those entries are sorted ascending by price, and the shares counted up from the lowest price named upwards till you get to the aggregate number of shares that management wants to buy, the cutoff price. Everybody who bid a price lower than that cutoff gets the cutoff price and sells their shares, and all but one of them gets a price higher than what they named. People who named prices above the cutoff don't sell any shares.

Jim