I too am confident the letter will be written in such a way as not to be overtly threatenning or unreasonably critical. In fact, it could be written in a purely positive tone.

My little suggestions re: warrant conversion and establishing a S&L sell-off prohibition could be addressed to demonstarte a win-win-win scenario (PTSC wins, S&L wins long term, retail shareholders win).

Other aspects such as BoD membership could also be addressed in a positive tone, like "we want people with these talents, those industry connections, and this background/experience", thereby not necessarily critisizing the current BOD members, but making it clear that that don't meet the desired attributes.

Personally would make less of the late filings, but only because I don't see it as THAT big a deal, and there may be (many) strategic reasons for allowing this, as well as "real" reasons.

The writer of the letter is totally competent IMO, and probably way ahead of me on much of the above.

All these things I think I KNOW!

SGE