Hard to imagine DEL choosing to buy back ANY shares at present, with virtually no cash on hand, a negative operating cash flow, and falling demand for timber. IP just announced today another plant closing, and both housing starts and new housing permits came in way under projections. Simply put, nobody is gonna want/need much wood for the foreseeable future.

If DEL does anything in 2009, it'll probably be selling land to stay afloat and maybe even eliminating that paltry divvy entirely (it costs them about $4MM per year, and they have less than that in cash on hand.) While DEL might be a good long term hold for patient investors due to eventual timberland appreciation, I think just surviving without having to decimate the asset base is more of an issue at present. IMHO, this is an even better time to go short, which I did today. GL to all, do your own DD.