Without dilution we would all lose everything since the debt was overwhelming. But if Matt uses any dilution to grow shareholder value then it's a good thing IMO. And that is what they are doing if you believe the cord blood model that these assets will have greater value in the future. I do.
As for the 5, 6, or 7B shares outstanding, market cap is what determines share price divided by outstanding shares. I don't care if they do a R/S or not as it won't affect my share value in the least.
Don't worry about the mule going blind just load the wagon.