'Perhaps what this does tell us is that there is no partnership agreement immenent in which the partner would supply the needed cash.'

Ezra, I don't look at it quite like that. It may mildy imply that there is no partnership agreement imminent at best. Other than the legal fees spent to make this registration, there's no down side. At least we say to a potential partner, "we're not desperate for the money to keep the doors open, we can call our underwriter tomorrow and raise $50 million in a week." The partner will know it wouldn't be a sale at a great price, likely a discount to whatever the then current stock price is, but the underwriter can place it, I believe.

I think it's a prudent move by management.

The real reason a partnership probably isn't imminent is not because of this shelf registration, it's because it's just not imminent no way, no how at this point. Partners and Al each want too much, it's like trying to do business in the U.S. Congress.