Been watching the division leading Padres beat up on the Giants and monitoring the board and figured oh what the heck why not speculate, so here is what I consider may be a perfect scenario.......

PTSC arranges a large line of credit to be used againist licensing agreements when signed but before cash is received. When agreements are signed line is accessed, shares are bought and line is repaid when funds received from TPL. (Note warrants owned by S/L may be repurchased which would in principle reduce share overhang and would not require any reporting on part of S/L).

Bought back shares are put in treasury. Outstanding share reduction is made public. Share price increases for those shares still in public hands.

Due dilligence is done by PTSC mgmt and board for a potential partner or buyout entity with ``extreme`` potential and tax loss carryovers.

Higher price treasury shares can be used by company for puchase of company thereby giving more leverage than a cash purchase. Purchased company`s tax loss carryover can be used by PTSC to reduce tax liability and thereby increase lic. revenue leverage.

And for the fourth time I am saying this is pure Speculation on my part and therefore I would suggest all to take it for just a weekend excercise.

FYI...Padres are now tied in the nineth on the back end of a double header in which they won the first game. Went to game on Wed night a blow out againsit the A`s.

Have a safe 4th

God Bless

marc