Per the warrant table in the last prospectus:

http://www.sec.gov/Archives/edgar/da...

S&L had warrants granted and exercisable totalling 38,571,285. It's my understanding, that this is the total amount of shares that are available to them thru warrant conversions to date. Furthermore, they are prohibited by agreement to acquiring any more than a 9.99% stake in PTSC, so since the total oustanding shares after the last share regristraton is 390,822,318, they are under the 9.99% ownership threshold.

According to S&L's last S13G form filed in February:

http://www.sec.gov/Archives/edgar/da...

as of 12/31/06, they owned 38,092,451. Based on this info, I don't see S&L as having sold at best 500K shares.

However, based on PTSC's last proxy filing:

http://www.sec.gov/Archives/edgar/da...

, they list S&L as owning 32,248,173 shares of stock (including exercisable warrants as of February 28,2007. Based on that info, S&L would've sold at best 5.8M shares in the first 2 months of 2007.

Even if the 5.8M shares sold in 2 months is correct, there were over 75M shares traded in that 2 month period, so if S&L did in fact sell, it doesn't seem their sales would be a huge drag on the share price.

I'm wading my way thru this and only have a 2 1/2 year history with PTSC, so there may be more to the S&L story than I know, but if so, please educate me as I'm sure others here are curious about it, but I don't see S&L having sold many if any shares. For those who have a different understanding, where does that come from?