Continuing my "Current Attitude" series, addressing possible IMO clues to the real story behind the 10Q, and PTSC's current situation (basically, that the monies from the licenses to the Js and others has not been received/recorded), I'll throw a few more supportive clues, two of which have been pointed out by others.

One, the "Business Resolution" language in the release re: settlement in TX, and how such language differs from that of previous announcements where they said "has purchased". This implies that the "purchased" part hasn't happened yet.

Two, if our situation is as weak as the 10Q, on face value with 16/17 new licensees, suggests, then why all the fuss with the T3/new litigation? If we're willing to settle for peanuts, why suffer the legal expenses that won't even get covered if we "win"?

Now, I believe, a new thought. The 10Q, if I've got it right, says (again, on face value) that we brought in some $11M from PDS for 16/17 licensees. Using this "rounded" number, this would mean that we are currently (in that quarter) averaging $647,000-687,500. per licensee. Compare that with LL's average of what, $4M average? And what was the average in the previous quarter alone? (a more recent "apples to apples").

With this in mind, it brings a new twist to what was said in the infamous Letter. More at what wasn't said. I would think that if everything were as simple as depicted in the 10Q and in the statements in the letter (without reading between the lines), this change in revenue per licensee would deserve some serious discussion. Think about it, the licensing is our only current source of significant income. It is our only "product line".

So, if you've only got one sole product line, and the product (the only one of it's kind) is now selling at an average of about 17.5% of what it sold for in it's entire history, don't ya think that this would deserve some further discussion/explanation? I can think of no way that a CEO could put out a communication to shareholders and basically ignore this circumstance, unless the whole story isn't told. No CEO could get away with that, IMO.

"We sell Frizbees. We used to, historically, sell them for an average price of $5. Now, all of a sudden, when the value of a Frisbee should be going up, we're selling them for an average price of 88 cents. But reasons why are not worthy of discussion, or even a mention."

Ya, that would happen! LOL

If ALL 16/17 of the recent licensees were little tiny companies with minimal infringement and/or the patents had little impact on their ability to make money, perhaps I could buy it. But we KNOW that some of these guys were true monsters in their respective industries, and that use of the tech is critical to their ability to do business (e.g., DirecTV).

Another subtle clue, IMO. Possible delusions....but I definitely KNOW nuttin'!

SGE