Thank you for your wonderful well thought out post. You bring clarity to a somewhat obscure picture of where PTSC might be going. One observation that I will offer, the taxes to be paid may not have to be paid at all. My understanding from attending the SHMs is that a purchase or merger with a company with tax credits or a tax loss would off set any taxes due by PTSC. So when I figured your numbers with out the taxes paid I was even more "optomistic"!!