I think you're forgetting that the new shares have been authorized, not sold. They have no value or dilutive effect until they are sold to somebody. I don't see any practical way to sell that many shares without driving the stock down much further.
Your thought that Roger is going to use the new shares to acquire more property is interesting. You're right, that's what he has told us he has done in the past, and there is no reason to believe Roger will ever change his strange ways. On the other hand we really have no solid evidence to indicate that any of the past share dilution has made the company any more valuable. On the contrary, shareholders have voted with their wallets, and declared this company to be worth a tiny fraction of what it used to worth. In other words, Roger's share dilution tactic has destroyed shareholder value, not created more.
Of course the big problem is that none of us really know what hard assets this company is holding, if anything. Roger won't tell us. The most likely reason he went to the pinks is so that he could avoid telling us anything.
Instead we have to look at all of the available evidence, which isn't much. We know he's fighting legal battles on at least two fronts. The accountant ran. They seem to have parted with Cobbs, and moved to a smaller office. The website is gone. Their IR guy is gone. They have been borrowing against at least one of the properties. We moved to pink with no explanation. Andrew has come and gone as the boss. Roger claims he had health issues. The only recent communication from the company was along the lines of "I'm going to sue the guys who took my money".
Those are the only available facts. (Did I miss something?)
Belinda seems to feel this company still has some hard assets. That seems logical, or else Roger wouldn't have had any collateral for the loan he recently took out. But at this point, we really don't know if anything is left, or how much he is spending, because Roger is not making the books public.
Is there a possibilty that Cal-bay is really worth something and/or Roger can turn this thing around? Nobody can say for sure, but we do have lots of history to indicate that every company Roger touches falls apart. Maybe it will be different this time - we can only hope. It's a long shot. On the other hand the stock stayed relatively stable yesterday. When no amount of bad news can beat a stock down any further then the next most likely future direction is up.