This is what karma looks like for Boeing shareholders. The aircraft maker has become the emblem of American capitalism gone rogue: for a generation, it prioritised tens of billions of dollars in share buybacks and other financial engineering over operational excellence.

On Monday, Boeing said it would sell as much as $21bn of equity, which it needs to stay afloat as slashed plane deliveries have sent cash flow into the red. The offering includes both common equity and preferred stock convertible into common shares. Pricing details will not be disclosed — including likely the slight share conversion premium that preferred stockholders will pay in exchange for a preferred dividend — until the financings close in the coming days. 

But based on the current Boeing stock price, participants in the capital raising will own roughly a fifth of Boeing’s outstanding shares. The money will go to pay off pending debt maturities and fund another year of cash burn while maintaining Boeing’s investment grade credit rating. The company has gone big and has told those shareholders who got fat during all of those buyback years that they must now take the pain of heavy dilution.