The problem with the scenario you outline is that if the next pp is done at less than $5.50 , NOT will have moved backward in per share value. That would raise the question, only in your scenario, as to whether RN had anyone interested in participating. I think what is missing in your scenario is "What will be the price of a pp say a year from now if there is no strategic partnering." As well, your conclusion on Windfall is incomplete, it will have significant liquid value in a couple months , and presumably RN is going to pursue that as a financial source rather than lose the leverage on McF value through mushy dilution. Chicken and egg tells me that if share value does not get there in the next 4 to 5 months, Windfall goes, and the spinoff positions for that. Windfall gets diluted along with McF EV per share if a poorly priced pp is needed. The sooner Windfall is packaged up for liquidation, the safer we are, hoping that we do not actually need to sell it , ei better priced pp is