NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

Finally someone sees the light.

Woodford is in a difficult position. It is possible that he needs to raise 20% or more in cash to fund redemptions. Pretty challenging task given a portfolio with some non-traded shares, illiquid shares, and concentrated positions.

If he sells only the most liquid stocks, he winds up with an imbalanced portfolio that is extremely illiquid.

For untraded shares, he is a distressed seller and unlikely to get decent prices. This also makes it difficult to sell an even slice of the portfolio.

If he tries to do another swap with his PCT (Patient Capital Trust), there are issues. PCT can only take on so much untraded stock given its own constraints, and Equity Income is a larger fund. PCT is trading at a wide discount to NAV partly because the market expects Equity Income to sell the shares it received in the earlier swap deal.