The Short Report, page-225

My understanding is he needed to preserve his stake of above 20% to retain control of the company, which necessitated his participation in the CR, given the CR would otherwise have diluted his position below that threshold. In any case, $4m is nothing to him, and he raised the money by selling ALK, to the detriment of ALK holders. That was after he had already slammed the ALK SP by selling 25m shares to buy into another unrelated business venture, after which it took something like 3 hours for the market to be notified of his change of holdings, leaving ALK holders wondering why the SP plummeted by 20%. Needless to say, I've lost trust in IG's integrity.