That comment would only have relevance if it was an equity buy...

That comment would only have relevance if it was an equity buy in. Partnerships can come in many guises and a non-equity arrangenent would be preferred IMO. If there was a CR it would certainly indicate the absence of a suitable deal. The spectre of a CR is certainly hindering the SP IMO. I think JGs comment at one of the open houses indicated that they make up their mind about CR about” an hour before it’s announced”- yeh right!!

I think you are very naive in thinking that having $14m in the bank precludes a CR. If only the walls “behind closed doors” could talk.