Inferred in this argument is that management can get a deal done at all. What I take from Phantom is that management has communicated PC is not a doable deal given the current progress. I don’t know about AML. I think what I hear then is your argument that they should partner that. I would hope the team is looking at all options and will ultimately do what sucks least. Getting a partnership done at any price however may be worse (for us!) than a smallish round at these prices and a scaled back Dev plan and salary cuts, for instance. Ultimately Phantom is the messenger I believe and his arguments are what he believes the team is thinking in terms of financing strategy. I’ve been in this kind of situation more than I’d like having done SV venture investing post 2000 tech meltdown. It’s any port in the storm and tough choices with sometimes competing interests. There are no easy answers often and you plug your nose and move forward. I suspect we’re heading there. Hoping they pull a rabbit out of the hat. They seem to think they can but their judgment in this area to date hasn’t been great.
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