There are no guarantees in the current global climate / markets....

There are no guarantees in the current global climate / markets. Sometimes making a tough decision to raise and provide guaranteed forward funding can be better than leaving it until potentially much worse capital market 6-12mths in the future. If the so-called global recession actually hits, many co's without a cash balance will be in a an extremely weak position.

In saying that sometimes raises are just well below where they should be and not handled well (I've held many that have done that). But I've also been a holder of plenty that raised plenty and were rewarded for a solid balance sheet.