IMO, concern for the stockholders had little to do with this secondary. Having cash or reduced debt levels simply gives the company greater flexability in the future. I am OK with the decision so long as there is no potential for a reduction in the dividend and repayment of the debt reduces interest expense while there is some dilution. The real beneficiaries in this secondary are those that did the follow on sale of shares. The got liquidity without driving down their offering price.