I have never liked IFT. The management contract with Morrison is not transparent. The IFT Board is effectively filled with Morrison management so is not very independent. What happens if IFT ever needed to renegotiate the management contract...they would end up negotiating with themselves (which is probably what they do now). So what is the management contract with Morrison worth? Maybe IFT could take a lesson from the property trust company structure and put the management contract up for tender. It could be worth a lot to shareholders.

Now the other issue I have with IFT is that they issued warrants with a strike price of $3.50 supposedly for the company to get additional capital for future investments. Yet here they are using capital for the share buy back program. Talk about a money go round. That would be the equivalent of NOG having a share buy back program on the heads and taking the money from the options to fund it. NUTS!