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PICO Holdings, Inc. Provides Update on Ruling Regarding Campbell Ranch Development in New Mexico
The Company is reviewing the ruling and its future options and evaluating whether to appeal the Court’s decision to deny the Company’s Application for groundwater rights.
Currently, we believe the highest potential return to shareholders is from a return of capital to shareholders. As we monetize assets, rather than reinvest the proceeds, we intend to return the capital derived therefrom, less any working capital requirements, back to shareholders through a stock repurchase program or by other means such as special dividends taking into effect liquidity requirements, debt covenants and any other contractual and legal restrictions that may exist at the time.