Agreed, a reasonable person or persons would offset the debt...

Agreed, a reasonable person or persons would offset the debt between them. The balance is still in favour of MEC - the dilution is a Breeze strategy to avoid MEC ever regaining a controlling interest. This is a Breeze play - it seems to me to be one of vindictiveness in nature and to the interests of himself because he can. Shareholders have been shafted by this board and boards preceding this one as well. Such an attitude reaps self imposed jeopardy because the nature of the beast running the show is not all there upstairs. What a joke of a company - companies. Not withstanding the interests of fellow shareholders - if this twit runs us into the ground then so be it. The PEPII project deserves a better organised company to see it through - this clown has shown no class and no aptitude for building shareholder value. Personal agendas keep getting in the way - I am almost tempted to hope that the approval process implodes and brings the whole lot crashing down BUT that would be vindictive wouldn't it.