Dilligen..Good post..Thoughtful..Kudos..

I am puzzled about a few things regarding the ARS bonds. Granted our CFO wishes he had 20-20 hindsight regarding his seemingly shrewd investment at the time. That said, I thought I read the bond was secured not unsecured from a risk standpoint. I have not read anywhere that PTSC would not receive the principal back at a minimum. Currently, the credit markets have "seized". Are you saying these bonds are akin to commercial paper or are in fact commercial paper?? The credit markets are totally illiquid today. Banks won't lend to one another because they are hemorraging their capital in sub-prime mortgages, et al.

Major corporations with AAA rated bonds also refuse to trade CP in the credit markets. Everyone is hoarding cash. Recession fears loom. The Fed is furiously trying to pump liquidity into the credit markets and the banks to "un-stick" dollars and get the banks/corporations lending again. This credit crisis will take several months to unwind IMO, and several more months thereafter to recoup the $15M. But as I mentioned above, I have not seen anywhere mentioned PTSC was at risk to lose any principal. Please elaborate.

What galls me is PTSC is precluded from using the $15M (if it was in a bank) to buyback shares and/or use as leverage in a potential acquisition down the road. Until the $15M is back in PTSC coffers, PTSC has very little ammo to pursue anything!!

Virt