Geocappy, you have pointed out in the past how PPS is important to fend of some dilution. CP has pointed out how owning 100% IP of little can be more than owning 50% of a lot. Along both those lines, a partnership will do more than just bring equity to Peregrine. A BP partnering with Peregrine brings legitimacy to PS/Bavi. So, even if we were to partner for, say, $500M and give up a percentage of the company, the PPS would/should react in ways that makes Bavi worth more than the mere $100M it is right now. Then, after PPS has risen, and if Peregrine needs more cash, visit the ATM.
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