As I posted before, figures were given for subsequent licensing tiers, along with graphs and charts. TPL have therefore indicated a valuation on the MMP Portfolio. For them to bid for the 50% of PDS that belongs to PTSC, that presentation would be the basis of a "fair" price. This would also be applicable for any 3rd party bid.

TPL have set the valuation of PDS to the benefit of PTSC shareholders without possibly realizing it. The poison pill lies in their valuation of a fair price, which will be challenged in the Delaware Chancery Court if any offer falls short.

Be well