Why do you disagree? I know it may be a hard question to answer but .. why do many here think that retail is NOT soaking up the warrants? My take is that the "players" at the shareholder's mtg all thought the MMP story would speak for itself and it would take on a life of its own in the form of a higher & more stable share price. In their minds all it would take would be a number of big name licensees to sign up and the the share price would proceed higher. What they didn't bank on was the opposite scenario taking on a life of its own - that is - as positive news is released both retail AND S&L are selling depressing the share price beyond where they thought it would go with just S&L converting. The expectation of selling into news creates just that - selling into news. My take is that the Sony news turned the tide around sending expectations (for larger and larger settlements) in the wrong direction. I would think this could be turned right back around if the "strategic" nature of the Sony deal were to be revealed to us as some sort of positive for the TPL/PTSC partnership and an explanation were to be given for Sony getting off "cheap". Right now that is the one HUGE question mark for me. Is TPL working as a good faith partner of PTSC or are they grabbing all they can in intangibles outside of the scope of the PTSC/TPL MMP master agreement?