I disagree with your proposition - completely.  You say:

"Obviously there has been no movement to or fro on the mediation front. If there had been, PTSC would have had to make that public before they started buying shares, let alone announcing such."

I see two major problems with what you post.

First, they said they'd already done a bunch of buying in the PR which came out the same day that mediation was scheduled to end, i.e., mediation wasn't done yet when they did the buying to which they refer.  How does this indicate how mediation "went", when it wasn't done yet?  You expected them to come out with a PR BEFORE initiating the buying back (like maybe Wednesday) saying that mediation is going great (with a full day left) and that's why they were buying?

Second, assuming mediation was going well, but results unknown, how better to CYA than to issue a PR explaining exactly why they did the buying?  And the reasons appear valid - since the PPS was at a one year low ("undervalued" is a reasonable conclusion when the PPS was the lowest it had been in a year).

Thus, I disagree completely.  This information told us nothing about how the mediation went, per se.  And I'd lean the other way.  IF they had heard from TPL/T&T that mediation was going terrible, or that prospects for a settlement were terrible, would they have re-initiated the buy-back?  Not bloody likely, IMO (e.g., IF they felt we'd actually be going to trial, there may be better oppportunities to buy back in the mean time).

But I KNOW nuttin'!

SGE