Your stock price still gets beat up if you don't meet earnings, which means you can't raise capital as efficiently (or even fairly) if you need to in the future.
I didn't say you could run a dumpster fire forever, just that you don't have to worry about your short term stock price because shareholders can't do anything about it (vote a new board in and vote you out) You'd make sure your ducks were in a row before any offerings of course.