new share offer

MCC has certainly stiffed the little guy but companies do this all the time. If you own $5000 worth of MCC, you can apply for another $15,000 worth of stock at about $11.30. If you own $500,000 worth of MCC, you can still only apply for another $15,000 worth of stock at about $11.30. Why would you bother? They should have made it pro-rata on stock owned but in this case it doesn't matter because you can buy it for less on market and have all the liquidity and timing issues under your own control, not theirs. Long term, and maybe medium term, this is a terrific buy.