Jay's point is that it isn't special. The "underwriters" buy in with no exisiting shares. So there is no discussion deal for holders unavailable to the non holder institution.
The whole process is just a way of issuing shares to a new institution without getting shareholder approval. They don't expect holders to take up their "rights".
Shareholders have three crappy choices. Be massively diluted, throw more good money after bad to avoid dilution, or sell at a huge loss.
Those who have been around a while will be very resistant to giving this mob more money given how they treat other people's money, or more specifically for they treated their last investment.
Rights Issue, page-12
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