If we assume you are right and there is a 1 for 3 rights issue at say $30, why is this a poor result for shareholders? All existing holders will get an opportunity to participate so the discount is shared equally - no shareholder is worse off unless the rights issue is non-renounceable and the shareholder does not have the cash to take up their rights. That is the only way they lose out. The theoretical post rights price would be $35.25 so why do you think the shares would trade to $30 ??
Please do some analysis before posting comments.
If we assume you are right and there is a 1 for 3 rights issue...
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