Looks like someone took this script and stripped my name from it. It was written for that case (i.e. a mesh with only has one naked perimeter). Hence you will need to use all the naked edge loops and not just the first one:
Looks like someone took this script and stripped my name from it. It was written for that case (i.e. a mesh with only has one naked perimeter). Hence you will need to use all the naked edge loops and not just the first one: