First, I agree with both of you. Hind sight, yes PTSC should not have issue the divi's. BUT......

What if management's decision to issue the dividends was based off of the confidence they had as to the outcome of the litigation in Texas?

Sure. management could have held on to the money and waited on the outcome and then issued the dividends if they still thought it necessary. Would have been more of a 'sure thing'.

But, by issuing the dividends prior to the Markman and the outcome of the litigation in Texas sent me the message of confidence. Maybe I am naive but I felt better when the news of divi's were announced. Not so much excited about getting the money, but more excited that if PTCS could make this kind of a decision to give away a huge portion of their warchest at a critical time in this process, then, in all likelihood, there is more money to come.

IMO - Management's decision to give away the warchest would have been idiotic if there was any doubt of future income. (If memory serves me correct, there were some shareholders that attended last year's SHM and reported back to the Agora Board that Leckrone all but stated that the litigation was "in the bag")

Regards,

PxP