I have tried to stay out of the latest BOD bashing because, frankly, as long as the share price is deflated, I am sure people will find something to bitch about, be it the BOD, S & L, Pohl, Elwood Norris, snow, Bush, Cheney, global warming, whatever.

As far as compensation to the BOD, I noted in the Wall Street Journal today that IBM is considering paying their BOD members $200k annually rather than issue stock options because of the stock option scandal that is currently unfolding. I know we're not IBM, but remember, these guys are going to get that money whether IBM does well or not. I'm sure you would find plenty of other examples of public companies where the board members are rewarded handsomely even if they make bad decisions.

Those that want to disparage our BOD and point to the past, I would be quick to ask what exactly did they have to work with. Up until this year they were guiding a company that could not generate revenues, yet had to find a way to stay in business. Enter S & L.

I'm not saying I feel they did the best job possible - certainly in those lean years the compensation and perks of officers could have been curtailed. But even stating that, I feel all I'm doing is a little Monday morning quarterbacking, since I wasn't in a position to know what exactly it would have taken to hire the people needed to run the company.

My personal feeling is that additional board seats filled with a couple of tech people would be a good thing. Can certain board members be replaced with better people? Probably. But at the same time, I don't necessarily think the current people are dummies. Look at their backgrounds. 

As a side note, I get a real kick out of some posters that want to jump all over the BOD and tell us how to run the company, when it's clear that a lot of times they don't even understand the roles of the various players. I have never come across a situation where a board member was a 9 - 5 employee, unless they had dual titles such as CEO and also board member. Some people seem to think Jim Turley comes to the PTSC office every day and works on solving the problems of PTSC. He's got his own company to run. The BOD is there to make policy and guide the company. It is the CEO, CFO, COO, etc that actually execute that policy. Nuff said on that.

Seems to me, every time the sp takes a hit, or doesn't rise sufficiently with good news, certain people come out of the woodwork to say these guys don't know what they are doing, or are sitting on their thumbs. Based on comments in the latest pr's and the dissolution of the Antidilution Agreement it's my feeling that we are close to coming up with some kind of aquisition, JV, etc. That's what they are working on, and believe it or not, THESE THINGS TAKE TIME.

I do believe the theory of S&l selling shares to convert warrants is pretty likely a scenario that's playing out. Nothing we can do about that. It won't last forever. Patience.