Interesting to note, that if indeed Q3 license fees including the J3 settlements amount to $172M or anywhere near that range, and if legal fees end up even as much as $20M (seems high to me, but laywers, can't live with them, can't.....well), that would leave $152M for TPL/PTSC to split, giving PTSC $76M for the quarter. If that were to happen, and if you consider the $4.3M net earned through Q2, and assume another $10M for Q4, that would mean a annual net revenue (before tax but after expenses) to PTSC of approx $90M for FY08. At a P/E of 15, that would equate to a PPS of $3.46.

If the Q3 PDS license fees are anywhere near $172M, then I'm not sure how the market can continue to ingore PTSC. At some point, cash inflow, regardless of how upredictable it is, HAS to be recognized and reflected in the PPS, you'd think. Even if the market wants to discount it by 50%, that still leaves the PPS in the $1.70 range, which I'd be happy to accept with the understanding more license fee dollars are yet to come, not to mention some hopefully quality M&A revenue generating deals are in the future as well.