I realize that my formatting got all fouled up in the post, so perhaps that caused you to miss some of the information I had shown.

But with respect to TPL's expenses, whatever they do that is not MMP related, like Intellasys, etc. from the point of my post, is not important. They would have those costs regardless, so I don't count them in the equation.

Secondly, and correct me if I'm wrong, but with TPL responsible for the commercialization and defense of MMP, ALL of the costs it incurs for MMP related legal or licensing expenses, get charged to PDS, and then the profit after expenses is split between TPL & PTSC. So TPL can charge PDS for all its expsenses, PLUS typical overhead and profit on those expenses, get paid by PDS for that cost plus profit, and then get half of the leftover profit from PDS as well.

Again, Alliacense expenses for non MMP stuff is TPL's to bear whether MMP existed or not, so I don't consider those in the argument from my perspective.

As for distributing over the phase of the licensing, what I'm trying to point out is that since they joined forces, ALL TPL costs related to MMP licensing and legal fees get reimbursed by PDS (and I'm assuming TPL includes overhead and profit in those expense bills to PDS just as any other company would), so what ever money it has received from MMP Licensing is pure profit and can be thrown under the mattress to be used at a time when they want to buy PTSC or at least the MMP. So the $115M that I ballparked plus the $27M PTSC has in the bank that TPL would get back in the event that they bought PTSC is "House Money", meaning that they would have never gotten ANY of it had the Master Agreement never taken place 4 years ago since PTSC was saying TPL had no right to the MMP.

As for the rest of your post, I don't disgree with that. I think my point is pretty conspiratorial in nature, and would take a lot to pull of, some of which you point out but that hasn't happened. However, if the current shareprice were to continue for another year due to lack of information from licensing deals, and lack of action from the BOD, all the while PTSC & TPL splitting another $50M after expenses, then TPL coming in with an offer of 70 cents might start looking attractive to many shareholders, and through my scenario, that would mean TPL will have collected another $25M of HOUSE MONEY, and they would get another $15M or so from PTSC's $25M half, and thus what is now $142M becomes $182M, and 70 cents a share is only $273M, so TPL would only have to come up with another $90M to complete the deal.

It's a stretch and might make a good movie plot, but it also might just be machiavellian enough to be something TPL might be working on. Simply something we should stand guard on and realize that 70 cents a share from TPL wouldn't be that hard for them to offer, and we should never accept anythning that low, because if it were offered, it would mean MMP is worth 10x that, IMO.