NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

I'll first say that like you or all other investors, we want to hit a home run. And there's still plenty of chance that still may happen at any time; could happen tomorrow morning for all we know? But we just don't have any idea what's going on with the FDA and how long this process might take to what we expect is a positive conclusion...and apparently neither do Linda and Les.

As far as premature conclusions about management, I believe we can agree on several observations. We know the company and the stock has come under attack; we know that there has been a dramatical decline in the stock price; and we know that management has been hapless in responding to either one. (We still haven't received the release of the investigative report.)

Within that context, my own personal observation is a management does not communicate well with shareholders. And we know the last capital raise was very disorganized and poorly timed that required the need for couple of different amendments. This in turn has exacerbated the decline in the stock price, with the last amendment to re-price the options at $1 being quite the negative message to the market.

Frankly, given all the above, it's difficult to have faith in this management team's ability to navigate through a difficult situation without further diluting shareholders in a very significant way. Linda Powers is comfortable as a fund manager, more so than an executive of a public company...that much is obvious just based on how poorly she responds to shareholders.

When considering the risk and uncertainty, and the potential impact this could have on the stock price, it seems perfectly reasonable to me that they get on the phone with their investment bankers and at least explore the possibility of selling the company. That doesn't mean sell the company at any price, nor that they shouldn't take into effect any information that they come into knowledge, but it's a very bad idea for them to just roll the dice that everything will turn out fine for investors.

$5 a share is my threshold for this level of risk, and each investors (including Woodford) will have their own thresholds. Exploring what a willing buyer would pay for this company at this moment in time is probably something that Woodford and the fund investors a Toucan would find useful to know. And I would submit, that would be something they owe to shareholders as responsible stewards of our investment,