I just squashed that theory. This CEO wouldn't say no RS just to do one, he would lose credibility. I don't think this guy is stupid enough to do that.
A 1:10 or 1:100 are tiny and doable. Should have been done just before the new ceo came on board. Look at it as like having massive credit card debt. The best thing sometimes is to declare bankruptcy and start fresh, rather than battling life for decades trying to recover. Short term pain for long term gain.