They have been diluting so far. They have DEMONSTRATED NOTHING of tangible value being added as of yet.
Actually, I take that back: I will give them credit for two things - Paying off debt IS AN ACCOMPLISHMENT that brings tangible value to the books; and in doing that they have markedly increased shareholder equity - which is a major plus. However, they have done this at a FRACTION OF THE EXTENT AND RATE AT WHICH THEY HAVE DILUTED. Thus, the end result has been EXCESSIVE DILUTION!!!