The "Virtual Media Manager" indeed says he cannot open "<myoldpath>/VBoxGuestAdditions_4.0.8.iso".
This is absolutely right -- since the missing .iso file was moved to the more convenient path /usr/shared/virtualbox/VBoxGuestAdditions.iso (I've noticed late this is a standard place expected by VirtualBox.)
I've already re-installed the guest additions, using the new file location in /usr/shared/virtualbox. But the Virtual Media Manager still complains "could not open the medium <myoldpath>/VBoxGuestAdditions_4.0.8.iso. The Virtual Media Manager has some "remove" and "release" actions which look promising. But both are always greyed out, not matter whether the VM is running or powered off.
Ruben
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VirtualBox 4.0.8 on a Debian Wheezy AMD64 host, the guest is a 32 Bit Ubuntu.