need educated advice, page-15

if this process is or looks like being successful I reckon others will quickly jump in and/or buy out LNC at a price Peter Bond would find attractive.

as far as I know LNC don't have any IP to protect themselves from others copying this process; also many others hold IP/technology to do the downstream conversion which is not LNC technology; upshot is there's plenty of room for others to get a position if they want and when they want - its just about timing (ie risk) versus price (ie reward). so while I think there's potentially upside in LNC, a vision where LNC is the only one doing this in the future for the world is fantasy IMO