Euc,
My opinion is that it would come down to intentions and overall responsibility. If they are set on spending a billion dollars for the sake of spending a billion dollars... they will dilute and take the money.
If they are not intent on doing that... they won't
All comes down to the question, IMO, if we have reached a turnaround.
I will be very disappointed in these guys if they announced the buyback while diluting at the same time. That, imo, is shady as the shadiest spot under the shadiest tree in the Shady forest on planet Shady.