"So... you are not unhappy, rather you just haven't been given...

"So... you are not unhappy, rather you just haven't been given enough information to form a view if it is a good debt facility or not."

My long-made observation of commercial lenders, especially those with a penchant for dealing in junk debt (which is what this effectively is) is that they are not nice, clean church-going folk.

They don't put their depositor's hard-earned on the line, to finance some third-party with no assets and no income, without some serious strings attached.

And I think shareholders are not being shown any of those strings.

Because, what doesn't happen is that someone like Hercules Capital says,

"Sure, guys. We'll transfer US$75m into your bank account, and then we'll kick back and wait to hear from you when you are in a position to pay us back. And if you can't pay is back for whatever reason, well, then we'll just sit down together and deal with that when the time comes."


Like I said, its a case of:

A. Secure a partner - Positive, because it is an endorsement of the science/technology
B. Raise capital and go alone - Positive, because MSB retains all of the cash flows
C. Become indebted- Positive, because, well, it is neither A or B

I suspect some MSB cheerleaders would say it was positive even if MSB was funded by Colombian drug money.