Some of what you say is valid. However, old shareholders would...

Some of what you say is valid.

However, old shareholders would realise that their investment was made based on assets/companies that have been liquidated. They now have an opportunity to average down (assuming they believe in the story)and make some money.

Failure to average down (and i myself am invested in companies where i choose not to average down) will in all likely-hood result in a tax loss at some point.

There will always be the need for additional money which can only be brought in through new capital raisings which results in dilution.

Shareholders concerned about dilution and choosing not to average down can't be helped. Being angry at new management for a share price caused by the board of three years ago also wont help the company move forward.