deeznuts, sure, theoretically, Al could exchange shares for debt, but that's not going to happen. A partnership would be dilutive, one way or another, but they would be bringing something important to the table in return.
Never forget, dilution is the way of life for developmental biotechs. And when things get stretched out time-wise, as it is very much the case with MNKD, the dilution becomes quite severe. Nonetheless, that favorable Seeking Alpha article has us being bought out for $43/share, with more dilution figured in!! That's a dream, but I'd settle for a lot less and be very happy.