There is one possible minor flaw in your pemise.

I still beleive S&L was selling, converting, refilling - right up until the moment they signed off on the warrant buy-back agreement.  The fact that they apparently currently hold some 8%, significantly (in shares) less than their 10% cap, may merely be due to the timing of events.

I suspect that S&L were not processing paper for the conversions on a daily basis, but instead built (through selling) "breathing room" in their share count to accomodate a batch conversion of millions of shares.  They were in no huge rush to convert (as evidenced by the controlled share sales).  They, IMO, wanted to convert with minimal impact on the trading of PTSC.

But my point is that S&L may be holding only some 8% due purely to timing, and nothing else.  But I could certainly be wrong and they could be selling shares in the same controlled fashion as when the objective was to sell to convert.  But remember that per the warrant buy-back agreement, S&L is prohibited from trading in PTSC until the buy-back is complete (so it ain't them selling over the last couple of months).

All that said, I remain surprised that the PPS has not moved North.  These latest motions not yet responded to by Ward maintain the element of risk, and the PTSC story is not too well known.  But I honestly believed that with S&L out of the way, we would move up just based on that (and the resistance removed).  Wrong again!

I'm confident things will improve soon, maybe even sooner than I have previously suggested.  Just hope I'm not wrong yet again!

'Cuz I KNOW nuttin'!

SGE