Skunks, the shares he issued for acquisitions and expenses - which is what you're talking about and which we have no problem with - is the minor part of the new shares. The major portion of the new shares is what we're talking about. They went to one guy. For free. Guess who...!
Want to be even more perplexed? He secretly issued those shares to himself for free, then loaned the company money. Those who understand finance know how outrageous this is. (I still can't believe he actually did it. We're talking Guiness Book of World Records for worst violation of minority-shareholder rights.) If the company needed cash and he wanted more shares, why didn't he buy his new shares? Heck, he could even have at least bought them at some discount.
He's the pits. And that blessed shareholder finally cornered him in the CC and got him to 'fess up.
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