Ann: VRX Reprices Fully Underwritten Entitlement Offer, page-32

double edge sword, the current BOD and Bruce insulate themselves by making small value raises with dumb ratio's. So even at the discount to discount, it doesn't fundamentally shift the register or give anyone too many shares. The other edge is that they can't raise too much as it would provide an opportunity for someone to come in and shake it up. Down side is they have a re-occuring need for cash due to incompetence and EPA delays.

Eventually these risks converge and you dilute yourself out of a job, the worst of outcomes.

Stepping back though to take the 10,000 foot view, VRX has only released some 100m or so new shares in the last decade... horribly done and at the worst time, but still a very small amount. the raises aren't making anyone rich clearly as they are distroying paper value of their own holdings (baring the salary discussion).... i believe it all comes from a place of genuinely trying to get this off the ground....... just poorly executed.... whether there is a shadow figure attempting to take advantage of that, or they are trying to avoid a dead fish, remains to be seen.