Accounts going offline when unable to access a mailbox

In the latest beta release, mail accounts which have subscriptions set to folders that the server says aren't accessible fall into an offline state instead of skipping to the next folder in the list and reattempting. In previous versions of mailmate this worked as expected and all other folders would be received.

S: C3 OK AUTHENTICATE completed
C: C4 CAPABILITY
S: * CAPABILITY IMAP4rev1 CHILDREN IDLE LITERAL+ MULTIAPPEND NAMESPACE UIDPLUS QUOTA AUTH=CRAM-MD5 AUTH=LOGIN AUTH=PLAIN AUTH=DIGEST-MD5 AUTH=GSSAPI
S: C4 OK CAPABILITY completed
C: C5 SELECT "~Public Folders"
S: C5 NO failed SELECT
Error: Server response: “C5 NO failed SELECT”. Command attempted: “C5 SELECT "~Public Folders"”.
Error: Failed to select mailbox '"~Public Folders"'

The server mailmate is connecting to is Axigen. Unselecting public folders from the subscription list allows accounts to be set back online without further failures.