I'm sorry and I don't mean to throw stones but this is an incredibly myopic view. - It would be unethical to issue debt the company doesn't have the cash flows

I'm sorry and I don't mean to throw stones but this is an incredibly myopic view. - It would be unethical to issue debt the company doesn't have the cash flows to pay without assuming refinancing is possible (the ENTIRE high yield market) - It would be unethical to buy back debt in the open market at a discount ... they should pay what they borrowed! - It would be unethical to raise capital by selling overinflated stock, the proceeds of which may lead to the life or death of the company. The board has a fiduciary responsibility to it's shareholders to take the best course of action to maximize share-price. Assuming they actually could pull off a capital raise in the short amount of time the reddit bubble lasted, it would arguably be unethical NOT to do so. They didn't raise not because they are altruistic saints, but because it's an involved process that typically can't be done spur of the moment without planning.