"They are raising another 1m....at 50% of the price of the last...

"They are raising another 1m....at 50% of the price of the last raising less than 4 months ago!

By what manner of reckoning can that be a good thing?"

I never said it was a good thing.

"I can accept that businesses need more money than they originally anticipated, but why the hell didn't they just raise 5-7 million 4 months ago?"

Many reasons, several of which we've discussed at length in this forum.

"I wonder who had the most to lose from a big dilution?"

Everyone, but it depends on how much dilution there is as well. Every stock has dilution, it's how much dilution is the problem.