NorthWest Biotherapeutics Inc (NWBO)

[kabunushi]

Jerry, you missed a couple of things. One I articulated many times, that the warrants going into the money in the near term or probably ever, depends on getting TLD that supports dc-vax being able to move forward. Part of my thesis on that which is also the thesis that anybody needs to believe to think there is anything to gain in owning NWBO stock is that TLD can lead to a very big rally in the shares - which I personally would expect to fall back and then slowly rise more going forward. Longs might be wrong but it's far from crazy to think that a large rally is very possible.

The second thing which I didn't articulate is this: there's a huge difference to NWBO between LP selling shares and LP exercising the warrants and then selling those shares. Namely, if the warrants are in the money, exercising them and then selling the shares is a way for LP to put money into NWBO's coffers without putting up the money herself. So she could well be motivated to liquidate the warrants by exercising and then liquidating the share any time the warrants go into the money as a way to raise cash for NWBO from outside of her personal funds. So she would have a large motivation for corporate purposes to exercise the warrants rather than selling her shares and holding the warrants.