If the company is worth anything, NW has the $ to bid for it and every reason for doing so. Clearly he's not in cahoots with LP & Co, so this theory seems quite far fetched.
In this case it would be much easier to accomplish because of the MFN clause. That's a big anvil over the company. Linda controls the price at which she sells shares to each new investor. With each new raise, she benefits even more personally. It's beyond brilliant.