I am very disappointed in the lack of information in the Q and in our new CEO's letter.

This is all IMO.....we were once in court with TPL and we were basically forced to merge the MMP with TPL.  We are now married to TPL via the MMP and our "child" is the MMP.  It appears to me that we gave the MMP to TPL and we only required a 50% cut from the revenues that the MMP produces.  It seems we have absolutely no say in the MMP.  I would love to see the actual deal that was struck.  TPL basically burned PTSC on the Sony deal.  Did we sign off on this?  I doubt it and if we did then our BOD is content with a monthly salary for not having to actually go to work.  And if they did sign off on this who were they looking out for? ...not the share holder.  TPL has control of the information released to the public.  Who on our BOD signed off on this?  Was this in the best interest of the shareholder?  Now we are faced with a J3 settlement, an NDA, and apparently no or very little money and a rather large legal fee payable to TPL. Yet we are told publicly that the PTSC BOD was very pleased by the settlement?  Did our BOD sign off on this also?  Was this also in the best interest of the share holder?  Our stock price does not reflect the BOD's pleasure in the settlement.  If the settlement is hidden and we will find out more in the months to come....i again ask.....who on the BOD agreed to this?  was this in the best interest of the share holder?  Is keeping everything regarding our company...a public company....secret or burried in our financials where the common investor cannot determine what is going on in the best interest of the share holder?  Did the BOD actually think it was wise to tie our treasury up in Student Loans?  what were they hoping to gain by this move?  an extra percent in interest?  If they are so worried about increasing our treasury then maybe our PR arms that have been on the payroll for over 2 years should have been eliminated.  They obviously still do not have a story worthy to tell the retail community.  Maybe the BOD should close the office that no one occupies?

If a deal was struck that benefited TPL and not PTSC than we do not own 50% of the MMP.  We just get 50% of the revenues and have no say in anything else regarding the MMP. If this is true, then the BOD sold us out for options, and a "cushy job" that requires zero work.  This is what it appears to me to be.  If a settlement was struck that actually includes PTSC...at what cost to the share holder?  A stock price that is collapsing at the expense of the share holder.

the BOD needs to be removed ASAP and if they are allowed to keep any options they are all to be repriced at a $1 or above.  The contract with RG needs to have the clause that says "or on approval of the BOD".  The BOD cannot be trusted to perform in the share holders interest. 

My fear is that RG will acuire a peanut farm in Georgia and be rewarded his options.  Obviously there would be an NDA attached to the "peanut farm" deal and we would never know until they have all cashed out and are sucking down margaritas on a beach in Mexico.

I am really pissed but I am awaiting Brians letter this weekend before I determine if i take the penny and sell.

i feel for us all.

teremoto