The issue is these short term gyrations as you claim mean that...

The issue is these short term gyrations as you claim mean that every subsequent raise is at a lower price and hence more dilutionary. It becomes a death spiral if those taking the placements continually dump it to new lows, regardless of the 'end game'.

Claiming there is no downside is a bit silly. If history is prologue we're going lower albeit at some point (hopefully soon) we'll get some more love into our U equities and VMY will likely be one of the more leveraged to a large and sustained move in the U price.