I believe you're both making good points, but I still believe that even after a buyout, NWBO should be operated as a subsidiary as it's operation is so different from a BP that makes products by the millions and ships them all over the world.
That stated, I believe a BP might choose to take a major position in NWBO, say 30%, and potentially make more from its stock appreciation than if they bought out the company. Essentially they would have control, as if management didn't agree on some issue, they could bring it to a vote and really couldn't be defeated. They would have one or more seats on the board.
As for LP, if she wished to diminish her involvement she could, the BP partner would be happy to bring in a CEO of their choice and LP could stay involved as Chairman of the Board. Of course she could also retire at any point she wished.
With the influx of cash from the partnership, the company would have no problem in initiating new trials, expanding their product line, or supporting worldwide distribution of their approved products. Revenue should grow rapidly, share price should increase dramatically, and their partner would have more equity in the stock than if they bought the entire company as the stock was up a substantial multiple of what they paid.
While this would be my choice, all longs would do well based on any of these scenarios. I would hope that if there is a buyout an option would be available to take some, or all, equity in the BP buyer rather than all cash to all investors. This would allow investors to decide when they want to take the gains rather than forcing us to take it all at once.
Gary
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