InterCloud Systems Inc. (ICLD)

[shotsky]

No, dilution is when thousands to millions of shares are released to a debt holder at less than the current share price. The rest of us are then unwilling to pay more than the diluted price, so the price simply drops to the diluter's price.
Go read some of the debt SEC filings to see the number of shares and the (lower) price provided by the contract. If there are several debt holders that all have convertible debt, and they see others jumping into the conversions, they will do the same, else they miss their best price.
It is a snowball, which, for ICLD, has reached the bottom of the hill.