The magnetoacoustic cyclotron instability is a mechanism by which waves on the perpendicular fast Alfvén-ion Bernstein branch can be excited through cyclotron resonance with an energetic ion population. It is a candidate emission mechanism for the superthermal ion cyclotron radiation, apparently associated with the products of fusion reactions, that has been observed from tokamak plasmas. In the present paper, an extended shell model is adopted for the energetic ion distribution function. An analytical formulation of the dispersion relation is obtained, whose numerical solution yields quantitative information on the role of Vr in stabilizing wave growth at ion cyclotron harmonics. The results show that, for typical plasma parameters of interest, the degree of instability is significantly depressed.