with the compounding effect IF PTSC has indeed bought back a large number of shares. IF they bought back a bunch, as the PPS goes up, the value of those rebought shares goes up equally, as does the value of the assets of PTSC, thus creating a higher value of the company, which, IF recognized by the market, should push the PPS even higher - lather, rinse, repeat. It all depends on the number of shares bought back/held by the company, and the ability of the market to recognize that this (fairly obvious) phenomenon is actually taking place. Each uptick creates more value which could prompt another uptick, and so on. With this, I reiterate my hope that the company has (like many of us) taken advantage of this up-till-now opportunity to buy as many shares as possible, even leveraging anticipated future income to enable the purchase beyond their cash holdings. Remember, if they bought back 20M shares and the PPS goes up by a buck, the value of the company increases by a cool $20M. This having occurred and recognized could push us up more and, again, lather, rinse, repeat. Could be very interesting.... Noting this delay to the last possible minute - after extensions - in filing the 10K suggests to me that they are pushing the envelope in an effort to snag as many shares as possible within SEC constraints. Otherwise, why wait till the last minute? - there would be no advantage. Bottom line to me is that this is exactly what I would do in their position, especially with their 20-20 visibility. JMHO, and I KNOW nuttin'! SGE