Well stated. And I cannot help but think that at some point - most logically once we're done with the J3/ARM (through settlement or completion of litigation) - the royalty revenue stream approach will have greater appeal, even to TPL. This is for one simple reason: when this event occurs (in our favor), the flood gates should open with infringers conceding, and having to pay a premium for their "patience". The premium (i.e., cost for a license), in many cases, could be so much that the infringer wishing to stay in business may have to spread payments out over a long period of time (i.e., an up front fat payment is not do-able). Thus, regardless of specific terms, there will be a recurring revenue stream (and it could easily be structured where minimal effort is required to assess - like a flat annual payment amount). These days I'm thinking that the licensing strategy is such that many of the major infringers are on the "back burner" until the EVENT occurs - because THAT would be the prime time to capitalize. I say this because, even though we've captured some biggies, the recent ones are not what I'd call the true "big fishies". To me, the "big fishies" are the likes of Apple, Sun, Motorola, TI, Nokia, et al. All just my speculation, but would explain the lack of recent licensees - they've (PDS/Alliacense) got plenty of cash on hand and don't really need money from small early licensees, so hold out for the probable exponentially bigger money after "the event". They're basically in the same boat as a confident PTSC investor who's in the green. Why take a meager profit now when, if I can just wait it out, I can probably profit to a much greater magnitude? This is thought out with consideration for who's in the driver's seat. Does TPL have a desparate need for cash right now? Maybe, to support their other endeavors. But maybe not.... And this may be the bottom line. I suspect they'll be compelled to bring in as much money as they need, but not much more. All this discussion is probably moot however, because I recently read here that Intel is buying out the MMP for $2.95/share for PTSC's half. LOL! And I KNOW nuttin'! SGE