Think it thru. PTSC has a lot of money. What are/were their options.

1) Build on a new technology - not really viable, since that's usually the hardest part of any business, having something to sell that everyone wants. They could try to start a new technology, but probably not the wiset move.

2) Buy/invest in an existing company - well, they've done that with Holocom. Should they have invested more or bought a larger company? Or additional companies? Judgement call very much reliant on management style and also dependent on whether the expectation is there for addtional revenues to come in the future. I'd say our management decided to play it conservative for now. Invest in something that may pay dividends in the future with the idea that additional acquisition can be made in the future.

3) Buy back stock - well, they are doing that. Maybe not to the extent that some would like, but again a judgement call. Bottom line, you are not going to please everyone all of the time. Period.

4)Pay dividends. And this is really the point I wanted to get to. Because according to the whiners the dividends were paid to benefit S&L far more than anyone else. Well now let's think about that. If the above alternatives were all better than this one, wouldn't S&L have benefitted even more. In other words, if options 1, 2, or 3 above would have helped our share price, who would have benefitted the most from that? Who owns the most shares?

I will temper this with again stating my belief that in no way can the paying of dividends on the warrants be justified. But in the end, it's just one more "perc" that S&L received.