I would imagine that if I were a Big Pharma buying the company, I would probably due a combination asset/stock purchase; for instance, would purchase the insulin inventory and other assets (manufacturing plant and equipment) for a certain amount which would be enough to probably pay the remainder of MNKD debt and utilize some NOL as well as push down some of the cost basis/value into the financials for merger purposes, with the remainder being a stock for stock swap for the rest of us little guys, or cash on the barrelhead for the stockholders. Lots of ways to preserve the remaining NOL, and they are smarter at it than I am! I really don't see a buyout, anyway, but am hoping for a true partnership with a Global recognized partner. Mannkind can then just use their own NOL's as the revenues roll in!