:D Don't get me wrong, I completely understood what you were...

Don't get me wrong, I completely understood what you were saying before. Let me make it a little more clear............

Paying off a debt creates a small but temporary dilution. You still end up with the same percentage ownership of a company when it is all paid off.

Creating more shares for a new investor however, reduces your percentage ownership of a company and this form of dilution is not temporary. It is a permanent dilution.

Try telling a holder who yesterday owned 50.1% of a company that today he only owns 30 to 40% of that same company. In between the torrent of expletives you will pick out what he really thinks about diluted ownership in a company with expected massive cashflows and why cash loans are far more preferable to the issuing of more new shares.

Having said that, we get whatever we get, so let's just hope that the terms are made as favourable to us all as is humanly possible.