Hi Pezsaz. Nice bit of research which gives weight to our concerns. Like you, my first reaction when I read about issuing equity was to worry that it would be a backdoor form of credit raising and lead to dilution. I really thought your first post above got to the heart of the major issues with ESH. I couldn't quite articulate my concerns (don't have a business background), so it was really good to have someone else lay it out so clearly.
“What the Mogul”, page-10
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