>This is a discussion about why they choose buybacks over dividends or simply hoarding.

No. This is a discussion of "What does it mean when a company buys back stock and why is it frowned upon?" The answer as I detailed above is complex with various pros and cons.

>All of those scenarios occur after they have decided they can’t use the money for operations.

Incorrect. As I said above, buybacks are simply a financial tool that can be used properly or improperly. These discussions occur when management is considering how to best meet goals and objectives. Discussions regarding whether they have the necessary cash for a buyback to meet the objective will happen concurrently.

>There’s definitely the paradox that a failing company might have sufficient cash to do a buyback to protect its stock/EPS; as it likely would not be failing if it has billions in excess. The only time that might happen is a windfall such as from the sale of a significant asset.

Not really. It's incredibly unlikely that a company selling PP&E just to stay afloat is concerned about, or even has the means, to do a stock buyback.