The portfolio has value because it will be used to fund various ventures, hopefully one of those being Ignite

Before accepting the position, a person of Goerner's experience will have gone over the books with a fine-toothed comb. From this, he is satisfied as to the "strong cash position" and, also, the "forecast for future cash flow from patent licensing"(input from TPL?). He already knows the revenue for this quarter, with indications for the next three, at least.

He will have discussed the strength of the patents under USPTO re-examination with TPL, as well as the '584 Appeal, and from this information he is confident that PTSC can become product-based.

Would he have accepted the position had he not been fully convinced as to the ongoing validity of the patents?

The planned leverage would be very difficult with the current share price of 40 cents unless prospective lenders can be convinced that this does not fully reflect the most recent cash received and future licensing revenues, in which case a fair price might be considerably higher.

Be well