If they issue debt for equity, I don't think it would be considered dilutive.
The MI division is in de facto receivership now. North Carolina is controlling the assets and runoff. They wouldn't gain anything by going through a bk court.
We should get a lot more clarity on Thursday. The dividend is paid from the other divisions, and Al was talking 10% top line growth there. I assume he meant annually. The economy might not be robust, but it is expanding nonetheless. The MI division will no doubt have ugly numbers again, but the rest of the company should look fairly good.