Do I think this offering was “good” for shareholders? On its face, in a vacuum, of course not. But that is not the correct question. The question is was this the best decision given the totality of the circumstances? The answer to that requires looking beyond the obvious reason for any offering, which is to raise cash. The possible unknown reasons for doing it, and what other problems it solved or benefits it may have provided, are not known to us. So we cannot answer the question yet. The possible collateral reasons for doing the offering have already been discussed so I am not going to repeat them.
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