You need to separate one from the other. ICLD was in an illegal situation - they had borrowed money and promised to pay it back or provide shares. They did neither. That is a breech and they could have been taken to court over it. The RS was needed to get out of that situation. It was the conversion of loans to shares that caused the decline. The only reason it didn't happen sooner was that the OS was locked up. That dilution was going to happen, one way or the other.
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