Critics of the "Winterfell" analysis may say, "how could such a bold and expensive undertaking, if it has direct relevance to NWBO, not have included signed agreements?" That's a fair question assuming a conventional strategy was followed, but I see another rationale, which could explain why it wasn't necessary.
When LP was asked about a B0 or partnership during an ASM a few years back, she didn't hesitate to say, 'NWBO needs more than just a checkbook." She clearly knew, as have longs, that NWBO had the leverage, and that leverage has grown exponentially, year after year, since then. She also said, nothing is off the table, "if she is given an offer she couldn't refuse." Naturally, one would assume, she meant a check so big, that mere mortals couldn't tear themselves away from it.
In comes "Winterfell to demonstrate all things NWBO is not financially or structurally leveraged to remotely consider, as a model it could replicate, let alone its massive scalability, and immediacy.
Longs kept asking, why would a company like Merck not do a deal immediately, and take a risk by waiting? "Winterfell" appears to have answered that question. IMHO.
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