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TR- yur killin me- how many times did I say 'Smith's tied up w 1StDetect for ETD? They bought Morpho for IP ( tomo and x-ray are now in their product bag).
Here is the reason that ISC is so dam valuable:
NON-CONTACT ETD SAMPLE ACQUISITION INTO THE BEST SOFTWARE ENGINE/PLATFORM IN THE INDUSTRY.
The entire future of detection centers on non-contact sample acquisition and NOBODY does it better than ISC.
So if 1St Detect is a touchy name for you, I get it.
And here is the beauty secret- ISC built an outstanding ETD Portal that didn't clog...they just couldn't build them fast enough to suit an emergency implementation by TSA...this matters because if you are in the industry you know that tunnel of truth(TOT)- many modes of detection walking portal is the GRAIL for TSA and rest of the world.
Bruker - 1St Detect - Smith's/Morpho---non of them will provide the non-contact ETD IP for the TOT--ISC will. And ISC will provide to the right buyer. Frankly, x-ray and tomo are a dime a dozen--ETD is a unique silver dollar.
If you are in the industry, then I know you own shares because you know why NON-CONTACT = ETD FROM HERE ON OUT.
First- I said Smith's tied up with 1St Detect was to develop ETD.
Second- I am talking about NON-CONTACT ETD. Hate to tell you but Smith's does NOT have non-contact ETD approved by TSA nor CRADA'd with TSA. ISC DOES!
Third- I said Smith's AQ was an IP driven event- so they now have TOMO and X-RAY EDS.
Fourth- I never said ISC would get 100% of the 800M TAM, I said 66% of that number. I used 66% to calculate a possible EV for ISC.
Finally, either you have to read what I write or I have to IGGY you...
You can NOT believe it all you want. However, that number is NOT a McGann number. CMOs at EDS-ETD makers around the world use those projections in their planning.
Recently, market actions confirm MORE belief than dis-belief in that TAM. See Smith's for the obvious confirmation. Buy IMSC for a profitable one.
TR- McGann has the world wide ETD TAM, as it exists today, pegged to about 800M over 3 years. You can extrapolate the ISC share as you like, but as of today, I say: 66%X800M=528M or about 176M/yr.
Let me use your meager and somewhat weak multiple of 2.2 on that forward rev. rate to get an operating $ 387M EV just for the near term business. Add the NOL, add the IP and add the new product outcomes out of the IP...come on, tell me how you get anything under $400M fully valued????????
Look, not to say you do NOT have a valid point of view, because you do. However, you have to give McGann credit. He is not a noobie and he is not minimally exceptional.
Further,the Sundance to his Butch might have the best P.O.V. on the screening industry in the entire world. You have to place some odds on him making his options good and then some. I know, you think- weak point. Human nature is very strong and when its very very smart and highly motivated-- well lets just say, it deserves a fair bet.
Lastly, lets say nobody steps up with MORE than $400M for the entire enterprise...I will guess they step up with something. That gets far more complicated but NO WAY does the screening world walk past the ETD leader and expect to continue THEIR business in the face of the BUFFED UP/ENHANCED Smiths. NONE. NADA. ZILCHO. I could go on...
Smiths just spent 710M for Morpho AND tied up with 1St Detect. I would say THOSE events are more telling than your weak logic.
McGann pegged the near term ( 3 year) TAM at 800M...and needless to say- he knows what he is talking about.
You doubt who the TSA will spend $162M with...? Who else BUT ISC. The entire NON-ISC ETD fleet gets dumped.
You doubt the TSA wants a EDS+ETD solution...? Maybe you should send your little pdf to Smith's and help them out.
Truth-- only one motivation: do what they are paid to do. Tactically, their actions stick out like a sore thumb. They only get out of the way when demand overwhelms them...THAT is a better question to pose...why was there break through ( as in thru CS) demand last Friday?
Now think about it, you are CS and you are paid to do something...you can figure out why so you know one day you have to stop...that will be the day it moves 100%. Friday was confirmation that THAT day is close at hand, IMO.
Z- everyday the market puts a BID on your public company, you pay 200% more than BID for that company?...thats NOT how its done. This company (ISC) would be a prime candidate for that questionable scenario.
Sure, it can be done that way. And sure you can make a case for paying 200% more but you had better be able to prove that case...
To my mind, everything leaks...and a smart M&A move will let that leak lead the way...this helps diffuse doubt when the deal is PR'd.
Think about ISC...our shareholders want $1B...agents of doubt here have said 2Xs forward revs or about 80M$. I will go out on a limb and deem THAT spread as incredible as neither is likely. Now, you play CEO of the buyer and explain to your shareholders why you paid the middle price, say $500M for ISC. I think a case can be made for $500M but I sure as hell would want to have the story lined up to make my shareholders happy about it. But my story does NOT have to be as compelling if the MARKET had priced the target at $405M before I paid $500M for it.
Buffalo- if private equity was taking out ISC, then you are right, the share price on the day-month-year prior to take out does not matter. Public equity is quite a different matter. Law firms could open an investigation if say ISC traded at .50$ today and was bought for $1.75 tomorrow. The model is the SP rises to within reach of the take out, reach being - 10-60%.
But hey, with this ditty, anything is possible. GSN missed the meat of the story-- why the industry is consolidating and how that will lead to the products of tomorrow. Its a worthy story angle for real writers...alas...I forgot, the "G" stands for, GUBBAMENT.
What is so funny is all the players DON"T want to talk about this until they have made their moves. Some even send dim-witted down-pimps to spread doubt in order to cover their intentions.
The cat is out of the bag with Smith's overt move to claim dominance in the merged space. Now, what are the laggards going to do about it? ( that's right, everyone now lags Smiths)
I am glad we didn't sell our in March, because the price tag is rising not falling. Maybe, just maybe, MCGANN will get the play the lead in The Kenny Rogers Story...?
Ki- you are the lead dog on the valuation sled! Giddy-the-hell-Up!
VIN- exactly! They have a fall back plan and it is easy to achieve...further, they have DM's desire to fully convert for max gain. The goal here is to create the value thru a sale NOT throw away potential value because of an early sale.
On the other side of this: right NOW is THE widest window of opportunity for a sale.
I don't think Friday's rise was simply to be in it over the weekend. Give the company a few days to assess and vet whatever the offer was. That is my guess.
DO NOT GIVE THIS COMPANY AWAY!!!!
Exactly DAVE--ole TR is an ETD "expert" from an EDS company...and if you look at how the EDS companies have diversified, its almost as if, EDS NO LIKEY ETD-- ah, but what the heck, somebody had to put peanut butter inside chocolate, right.
I will turn back history and recall GB's historic introductions of Drs.Jones and McGann as "rock stars". While it did sound honorific, it was a true comparison.
If you contemplate Smith's actions, it appears that they have awoken to the threat to their position and are reacting accordingly. So are OTHER EDS makers sitting on their thumbs and saying: NOPE, TSA WILL NEVER INCORPORATE ETD WITH AN EDS.
I guess "chord changing" and "game changing" are about to be proven to be the same thing.
TR- any guesses as to who is the competitive entity dumping shares to cap the SP?
FYI- you really should drop into a CC and find out what the company has that the world wants. That is correct- the world.
When were you in AC at TSL last?
TR- TSA never said " put an ETD inside an EDS"-- you made that assumption. In fact, their concept graphic shows the ETD component as a separate interrogation.
FYI- ISC made an ETD PORTAL that worked very well ( better than the GE-Smith's) but ISC was hardly capable of producing 100s of Portals in a very short time but the point is this: ISC has pushed forward on non-contact ETD while utilizing the software developed for the B-220 plus other additions to their sample acquisition while everyone else is wandering around in non-contact circles.
Enlighten yourself as to what McGann has spoken about as a break through product, the ETD INLINE unit. If you think McGann is pulling our legs with " science fiction" then certainly all of the interest by EDS makers in ISC is solely for its ETD swab products-- you know that their interest goes beyond contact ETD.
I would place McGann's knowledge of trace detection far far far far ( can't type it enough) above yours. Far far far--get a clue and buy some shares.
TED- I think Smith's is done acq./partnering and THOSE events are driving EV for ISC upward. Why? EDS makers without non-contact ETD will be severely disadvantaged in the EDS 2.0 refresh period. We are on that cusp right now, now is the time to gain max EV for ISC...the playing field is fully lined out, the internal ISC rubicons are known ( .78-1.08-1.18-1.45) the competitive landscape is shaking at 8.8--- its go time...and it may be leaking...next week is going to rock as the stars deliver on their reputations.
TED- R U sayin Smith's gobbles IMSC?
Z- totally agree w/ your thinking, which is what this sale is all about.
Now, as to a strategic cap on SP by competition or buyer trying to keep SP depressed-- well that can only last so long.
We've pretty much eliminated all the LARGE HOLDERS as sellers so that leaves only a competitive seller or a buyer but that strategy is a loosing tact, IMO.
What was interesting about Smith's take out of Morpho---basically an IP buy, in my view. Both S-M are weak in the non-contact ETD space and that is where ETD is going...so Smith's buys IP and snuggles up w/ 1StDetect for their ETD abilities...taken together, could you propose an ISC EV in the Morpho ballpark?
I think so...and if so, we are riding a "whale" of an opportunity!
BB- no offense to TR but his guess is already OBSOLETE....safe to sat any rev. multiple for this is going above 8Xs. due to unique IP, world wide market share in contact ETD, new product potentials, non-contact dominance, existing NOL and who can forget, 160M IDIQ...80M would be less than NOL!!!!!!!
The buyer knows that DM has a threshold and that mgt. options are another rubicon ...so the lines on valuation are drawn...question is, can ISC mgt. present the forward view case for NEW meshed technology/products between EDS and ETD.
Z made a great case for a solo EDS player that can sell more "total pkgs" once they have an ETD component.
Fear not, Dr.Jones knows the industry inside out, who wants what and where and how new products will be created. IMO, he is leading this sales effort and that is a very good thing.
Shad--you are referencing OLD SWAB ( contact) ETD and TR is referencing first gen. EDS systems-- screening is changing and fast.
Base case reason that EDS players are interested in ISC is TSA stated desire to implement automated ETD into the flow of bags/pks going through or coming out of the EDS machine.
one last thought- the ISC ETD Portal is proof who leads in non-contact ETD interrogation and ISC's works. It was never purchased while GE/Smith;s were rushed into service and failed. TSA learned a lesson on their certification process through that debacle.
Dave- NOL vs Debt= push. The buyer will use the full NOL...no doubt.
TR- TSA published a graphic that showed the ETD unit back-ending the EDS unit so that can mean many configurations. McGann spoke about integration of ISC's non-contact ETD unit referred to as "the inline". Also, TSA provided development funds for the INLINE...I don't doubt that you have never seen an ETD unit inside an EDS system--there's never been one.
Also, listen to McGann et al's statements about interest in ISC by various security players...THAT interest is driving their strategic alternatives, whatever they may be.
Safe to say, you will see EDS marry ETD and that the developer of the ETD ( non-contact inline) will be ISC. McGann did agree that specs have not been set...but four areas that will drive all ETD specs-1- vigorous non-contact sample acquisition, 2- auto calc, 3- networked, 4- multi mode sensors.
How the ETD component is built onto or into or inline with the EDS unit is unknown but McGann sees the ISC ETD being able to sync universally...with any EDS system.
My guess, and its only that, 1- bags/pkgs enter EDS unit, 2- alarm via visual software guess, 3- suspected bag/pkg diverted into-through ETD, 4- +/- disposition drives further actions.
The industry interest is ISC is driven being driven by ISC non-contact acquisition ability plus other developments found in their B-220. And one new addition.
TR- nobody said that the EDS market is declining--quite the opposite--there is plenty of business hanging low, right now.
And ETD is going to be part of those evolved EDS systems...There are companies that have ETD and there are companies that have EDS. Some have both ( Smiths and Morpho had both but now they will be one, that narrows the EDS+ETD playing field).
As we know, many EDS companies have approached ISC for different types of relationships. Matter of fact, the rumor mill states that ISC is highly coveted right now, as you read this. If you've owned IMSC for a while, you know that ISC has game changing knowledge that they are showing to EDS players under the appropriate TIGHT NDAs. And we have to -- HAVE TO believe the company is getting a serious look and or has offer(s).
Do you know any other company that has a trace non-contact sample acquisition product as strong as ISC's INLINE ETD product?
So this huge opportunity to partner ( maybe buy out) with ISC on the future of integration of EDS and ETD systems is driving the front seat on ISC's strategic alternatives. I believe the TSA wants EDS with an ETD backend and they want it right now.
Z- you are missing the bigger picture RE: undervalued SP. Lets say they are NOT selling the company, rather just stock...the SP is a huge problem...or that a sale of the company or of stock falls thru--the SP will erode from undervalued to NO value. So to my mind, letting your share price waste away is very bad business from any angle.
As to your other point, sure, they are NOT saying SALE of COMPANY...but a third party can provide opinions that can help the SP just by opining on sale potential.
I think the road they took was the weakest one possible and should this all fall down, we are going to zero...and the market is saying: yes you are going to zero because we don't believe anything coming from this mgt.
Truth- the dismal level of anticipation,perhaps distrust, by ANYONE outside of the cadre of loyal longs is due to this mgt. team letting the SP rot for over a year. Every sale PR brought out more doubt, not confidence because this mgt. team was not addressing the potentially fatal problems the company had within its cap structure.
What kind of a moronic approach is it to PR about sales while ignoring the real problem? Its dam stupid and now we live the results of one year of acting very dimly and trying to sneak past the striped-drunk-polka dot elephant--DM diluting the company to death.
Today many possible speculators would rather pass than believe in this mgt. team. Further, the sales process is simply part of strategic explorations #1 thru #4-- they haven't said " we are conducting a sale of the company"-- and there are no analysts covering this stock so there is nobody "in the know" that can provide an opinion. This is what happens when an egomaniac scientist plays CEO.
All can be forgiven if he pulls a rabbit out of his hat to the amazement of one an all...but note one thing- the first thing McGann did when the Morpho protest was dismissed was made sure he had his change in control package together, then he had the blatant stupidity to tell shareholders that he wasn't going to engage with them, that he would rather "do" and not "say"...well, nobody here really knows what he did but he sure lived up to NOT saying anything...thus the mess the SP is in and the company's position in a negotiation---shares sell for 44 cents but we want you to pay $1.92...Oh sure, let me get the CFO to cut you a check right quick. Its a frickin mess and nobody wants to touch it.
Ted/Percy et al
Yes McGann pointed to a world-wide near term TAM for ETD of 850M...that does not address the combo market; the EDS+ATTACHED ETD= new market that refreshes old/existing EDS market.
TSA is sitting on some 400-600M for "refresh" of EDS/AIT systems that add an ETD component. This is especially true for passenger baggage and cargo interrogation.
All EDS companies know that offering an ETD unit inside a carryon screening AIT unit would open up an added REFRESH opportunity. AS is now, the operator has to look at a screen and make a call based on software cue's...I firmly believe that TSA wants to idiot proof that point in the scheme of layers. And this where the value of ISC to the buyer is hidden from the view of the market...but an expert could make this case.
Let me go onto a thin limb with this summary:
ISC WILL SELL FOR NORTH OF $450M AND SOUTH OF $750M. BUT UNTIL SOMEONE WITH KNOWLEDGE AND POSSESSING WISDOM, SPEAKS TO THAT NUMBER, THE SP WILL DO NOTHING.
Truth- I don't think any deal gets done that does NOT make DMRJ thrilled. Would they like to see their $1.18 converts bring them 40-50-60 or 70 cents more? Ah yes they would.
But at least the "field" now has the goal posts drawn and in the SEC files...and we do know there is REAL industry interest in ISC's IP vault...we also have a competitive lever at play: Smith's tie up with 1St Detect ( an ETD maker).
One last lever, ISC and EDS MAKER ABC will have a 1 to possibly 2.5 year lead on Smith's so the last lever is TIME, which oddly, is now on ISC's side.
Final positive_ Doc Jones knows this industry and the players...I don't think anyone can speak to what is possible and what is probable better than Doc Jones. And McGann is no novice either.
One morning we will wake up and see SOLD for $1.75 share and the lazy slugs that could have bought will be choking on their Folgers.
Z- totally agree with your EV and think its reasonable for the "times" when applied to the right buyer.
My simple logic, the "bollinger bands" on the deal at 200M fully, is $1.90 top and .85-ish/sh bottom...with a bias toward $1.55 ( the upper mgt. option area) so I am a buyer here. Small lots because w IMSC, you never know what the heck is going to happen.
But it could unfold like this: stays under 78 cents the entire time until the day the deal is announced.
Truth- DMRJ cares about no one 'cept their own butter. BUT at least we know where 100% of their YES votes are gained.
Everyone reasonably gets whole over $1.8X/ sh. ( whateverthe six year high).
So if you use 200M shares ( it will run up toward that #) the min. buyout has to be $360M to cover any share bought in the last 6 years. IMO, this is gettable.
Glenn used to target $500M at about 115M fully diluted...he knew what the IP was worth to certain companies. Since then the NOL has risen so the buyer will use that asset in their calculations.
Swing shorts and/or competitive shorts were/are definitely at play in this...if you start the last 130 or so trading days knowing that about 8000 shares AT LEAST will be there to cover you...plus other shares.
DM calls the shots, thank gawd that those 1.18 converts are there. But even after all the declaratory filings on ownership, nobody believes it will sell for more than say 80M$???????
Isn't that a vote of un-confidence for this mgt. team?
Or more like this has fallen so deep that even if they say we are sold for $1.90 share fully converted, this will still trade at 50 cents?? ( LOL)
Or is it the easiest golden opportunity on the market right now...?
Sale "rubicons"
- 78 cents, some mgt. have options due there
- 1.09 PLAT. converts there
-1.18 Plat converts there
- 1.4X more mgt. options there.
This is all good news in that the buyer knows where the markers are if the sale price is THAT meager. Plat. must be made happy or nothing.
As 54% owner, Plat is being coddled and they have the "gun".
Sure Plat's selling slowed as the price dropped, but they still sold shares and that selling begot other selling which still made a nice liquid event for short covering. Not a lot of that but some...all led to here.
The markers and goal posts are now firmly set. All had to happen to allow the next step. We are in/well in/almost done with that next step, IMO. They want this done by May15th.And Plat. is well in the know as to exactly where it is.
So is the IP worth 50M or 500M? That is the value driver right now to the right EDS maker. If they worked their tukus off in the R/D lab, then it could have been powerfully demo'd and that would push the value far North. IMO.
I like 450M EV...is my guess.
Z- yes and THAT silence/sideline position is part of the problem-- the market doesn't know the company is for sale and if it did, it is guessing far below Noble's valuation...so are you saying that Noble's valuation is where the price negotiation is at?
The problem we have is the perception that " they are on the road to BK or foreclosure by DM".
Sure, a SP always stays far below the take out price and then magically pops on the news, but applying the 40% premium rule to say 100 cents barely puts us in the Noble range.
But what could be at play is competitive forces spiking the SP to make the deal a really tough discussion. OR- nobody has faith in this mgt. team to close a decent deal.
Shi- yeah, its an odd day in ISC purgatory...we are in the process of being bought but the market does not know that...and some entity seems to be supplying an endless spigot of throw-a-way shares. Therefore, we are REALLY in the process of being bought!!!!!!!!
All tactics used against ISC are known...but...to get the deal done, the SP has to move to near, say at least 40% below the takeout price.
BUT we the loyal longs are not even believing that this mgt. can bring the ship into the harbor. This is what a year of disrespecting your shareholders will do-- ENOUGH OF THE SHAREHOLDER CODDLING-- LET THEM EAT MUD!
Well, we ate mud and it didn't taste all that good.
One might think that Noble would at least revise their targets based on the new equity/lending disclosure--nah, that would require using a pencil and Ted has all of those.
Hum- the devil here--MORPHO =ZILCHO RE: NON-CONTACT ETD.
MORPHO= 4-6 OTHER COMPETITORS WITH EDS SOLUTIONS
MORPHO= WILL SELL HIGHER THAN 700M$
If you were trying to compare apples to apples, you missed slightly, IMO.
The ISC IP is worth 10M or 200M? Depends on who buys it and what they intend to do with it.
The EDS sector is in dire need of an ETD component-- and THAT is the scramble and the reason why Smith's has tied up with 1St Detect...folks, you cannot ignore this development and its effect as a price lever for ISC--its so much larger of a lever than you can imagine.
Worst end: $1.20-ish per share
High end: $2.75/ share at 190M shares. This is bankable and yes I have been a buyer of this stock from upper 20s into the mid 40s and will keep on buying!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Sure and maybe you can explain Houdini's last trick, while you are at it.
Ted ted ted-o, Teddy baby kid...read the next 2 sentences very very carefully;
- DM controls the "deal" and if it is NOT above $1.20 sh fully diluted, then there is NO deal. ( deal = buy out)
- The "market" ignores this stock to the point that IF you cannot value the company, the market certainly cannot or has not valued it correctly.
Take away: a deal gets done on DM's terms or DM gets full payment so the SP will not find full value until a reasonable deal point is announced. I fully understand your trepidation with a fully valued deal vs. the market valuation as expressed by today's SP. Get over it or don't. McGann has screwed this company soo bad that he owes it to his own OPTIONS to make the deal on decent terms. Think about that...lets end this discussion until Percy reappears with some wisdom from ABOVE...
Percy-- its open mic nite at the ISC EV Bar and Grill...
Z- this debacle is THEIR issue- they ignored the great relationship between ISC LONGS and mgt...on purpose...and let the SP decay. So they dug the hole...
I surmise you are at 2-4 Xs today's SP or 80-90 cents to $1.60 +/- 20 cents. Reasonable...but then again, we don't have all of the relevant data points to make a call...but I believe $1.60-ish is undervalued and overvalued is say $8/sh ( jest).
But we know the markers set with DM's conversion and BMG/DJ's conversions...and the potential buyers know that also...so I think/pray that the deal gets brass tacks serious and we are sold before end of May. I like $2-3 fully diluted plus debt payment.
TED- exactly, which makes guessing the EV worthless. That was my point too--but do NOT doubt that myself, along with many others have run the scenarios till the cows come home. Certainly DM has!!!!!
On this one, it will stay dark until out of the blue ( and likely close to 6-30) the sun will pop up and we will have a $/SP that DM will smile over and it will be above $1.20 and below $4.50/sh.
A few days back i asked ISC to post up some qualified info as to valuation...I assume they ignore everything shareholders would like to see happen...but they did clear up the mess about the converts and their levels...which to me says, the "talks" are back on track. But so is the game of "chicken"-- be happy that Doc Jones is riding shot-gun on this as he will round up all the data points that drive full valuation.
And we have to thank Smith's for putting another driver into play by their tie-up with 1St Detect...that tells every EDS maker this; GET YOUR ETD OFFERINGS UP TO LEAD POSITION OR FACE DECAYING SALES AND SECOND CHOICE POSITION ON ALL FUTURE TENDERS.
Its on TED, like Donkey Kong.
TED- try to make some edumakated guesses against these aspects to determine EV:
- NOL--90M +20M to minus 30M
- ongoing biz- pegged by forward rev. run rate of $42, award a 5Xs multiple
- cash--oops, lets NOT talk about that...
- IP and this is the joker in the deck...to the right buyer, this can be the magic wand that really opens up the rev. flood gates but it can also fizzle so there is risk to that...but lets say one odd ball way to value this, take their ongoing rev. run rate and award a multiple to that rate in addition to current business OR try to estimate your capture share of NEW business based on developed products using this very valuable IP---take a stab at this...everybody else has...
TED- this company went underground for a year...the NOL, the value of the IP, the ongoing business all were buried deep in the vault, heck- we even had a mgt. guy try to deny where the share count was coming from--all problems that have to be resolved and they are being resolved...the share count fully diluted is NOW more easily estimated.
And you can look at the conversion levels that drive those fully diluted estimates as sort of thresholds...work your math wonders from there on up.
But at the end of the day, I would rely on Percy's very well written outline that points to potential value, which is ABOVE the threshold conversion levels ( min. bids for EV)
OR
IS ISC WORTH MORE THAN MORPHO / FULLY DILUTED?
TED- Noble has the answer. You have heard many wild-eyed EVs and many sober EVs, all have merit and are "could be-s".
This is not like buying an orange orchard in FLA-- ISC niche is in a very closed industry that comes and goes in huge honking granular globs of business and then very arid-periods of Maytag Man like NON-activity.
BUT we are on the cusp of "huge honking granular globs" of potential business so that tells me RIGHT NOW is it....matter of fact, the BUYER knows this better than MCG.
I get what your saying, read Percy's most excellent outline of what can be or not...so far, the best, well thought out perspective on EV for a debt ridden flea-bag of a rag-tag band of genius who are late for the stage.
KI- oh boy, a partnership Buy-In is a bigger can of worms...it would mean somebody pays for DM's slice + some working capital left over to move product development.
Down the road, the Buy-in would lead to much higher SP but DM has to get bounced for anyone to be comfortable with a B-I. So if you have $120M then THAT route would work real well for all of us loyal-longs. And the incentive is there w/BM-DJ options over the next three years--plus don't forget, they all get a 1% of fully diluted option for bringing in that NEW investor. ( ding ding---I am guessing that's what they want too.)