Very good assessment Dodds, however I have one side note to make re what you said:
"how much would any backer offer? "
I take it, that if the imaginary backer (if there was one) would have left the building, that they had plenty of time to find others, who are knocking on the Senegal door to be allowed in.
This could have been a bidding contest, where the highest bidder will get the spoils. Who knows? AIMHO.
FAR Equity Raise, page-179
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