jonzobot ... I was thinking about that (in the case of insolvency) also. So yeah, $1.50-2.00 pps isn't an absolute floor, insovency would be the absolute floor.

However, facing that version of doomsday reality, my hope would be that it would trigger heated pre-insolvency earnest talks with BP and be an easy sale for a BP to take on the known AP and LT debts at that price level (or better) with the benefits of the $500m tax loss credit plus the science & IP, BTD, etc.

So maybe a last-ditch bargainable layer to avoid insolvency if a BP believed in the possibilities of the science and wanted an extreme bargain rather than attending the Sheriff's Auction and taking their chances there bidding for "stuff" with other BP's ... in the worst case. Because this science looks to intriguing to just be allowed to vanish into the abyss in the event of RVX failure. 

Just my over-thinking brain trying to discern the worst case "downside" situations.