Please explain your position on the pending legislation.  I don't believe any pulbic company would include these kind of statements in an SL unless it had serious implications.  Directly from the Shareholder Letter: 

"In July, 2007, we advised you of pending federal legislation regarding the 2007 Patent Reform bill, which we believe if passed would negatively impact the future success of our licensing program. TPL has devoted an enormous amount of time to this issue and has prepared very valuable information, which is posted on their website."