Why do you want the company to sell a share of its equity for less than it is worth, unless it absolutely has to in order to stay in business? The cost of capital for a dilutive equity raise at this time would be higher than the interest they are paying on the new debt, and also most likely would be higher than any return they could get from the capital. This may not be the case if we were currently trading for 2x book value, but we are still only about 60% BV, so it's just the wrong time to sell common stock unless out of absolute necessity.
That said, I was all for the equity raise last summer when debt markets were still somewhat frozen, as it renewed investor confidence in the holding company. That is no longer a concern.
Regarding volatility, time is the best remedy. Once the company resumes its role of a boring insurance company paying a small dividend, the volatility should drop somewhat.
Yea, I would not want another equity offering, especially at this price, unless they absolutely needed it which I don't think they do. Why dilute existing shareholders? I still think this stock is NOT going higher until the overall market (and economy) see more improvement. I'm beginning to think that maybe $19.00 per share might have been the high for the year. I hope I am wrong.