How the dilution money is used is CEO's responsibility, for the large part. At SA*W, I did not see this dilution money being put to bad use in that besides the PPS falling, there has been substantial asset base growth, while liabilities remained same, as well as CASH ON HAND went up substantially.
It all depends on company, industry, segment, and marketing. There are real, revenue-producing, profit-producing functional companies with failing subsidiaries. We can consider, (it is fair to say) that GOIG could be just a failing subsidiary... No more. No less.