NorthWest Biotherapeutics Inc (NWBO)

[Gus McCrae]

You are wrong about this. It's certainly possible someone loaned them $15 million without looking at TLD, but they know more than we do, assuming it's an unsecured loan.

If you wanted to gamble on the company, you would be better off just buying the common stock on the open market because you have unlimited upside and can cut your losses and sell at anytime. Instead, they made an unsecured loan (presumably), which they can convert into shares, but they would only do that if the stock price increased significantly.