Your logic is compelling and I would prefer that first step be partnership. Some of the challenges raised with carve out by indication could be cured in principal by right of first refusal language. Perhaps Scott Kelly has telegraphed the two step all along, we just have to latch on to the Morse code: “partnership for” but “virtually all companies with two BTD’s get bought out.”

Just hoping something breaks out soon so Respert’s Rorschach Test is no longer needed. Squinting patiently here.