1. We know that there is a potential for some kind of merger with TPL.

2. We know from the more recent additions to PTSC managment/BOD that the M&A direction seems to be semiconductor chips in some fashion.

3. It appears that the J2 settlement seems to be more than just cash (MOU).

Add the above together and what do we get?

The J2 want out of the semiconductor business. If and when there is at least one MMP license that is given the OK by the USPTO, that event will trigger a merger of Intellasys with PTSC. Should that merger not take place, then we are back to square 1 and conceivably be back in court to fight it out again. But if there is one MMP patent that makes it through the USPTO and the merger takes place, then the new entity is a major chip manufacturer, with a cost basis that makes the business profitable.

How does the above fit? OK how profitable is the chip business for the J2? I don't know, but my guess is that they might be thrilled to get that business off their books. Is chip manufacturing where these companies want to put new $? I don't think so.

If the Merged Intllasys/PTSC obtained chip manufaturing plants, do they want a Turley at the helm or someone with experience running a company? Why did Tredennick stay? Perhaps because he is still of major value given what the future looks like?

Does this scenario solve the financial aspect of the 10Q? I believe it does.

Does this solve the missing value that we all expected from settlement? I believe it does.

I further suggest that the umbrella that Phol originally talked about might still be in play. I can see the merged Patriot buying up small chip manufacturers that have profitible niche markets, but are too small to even pay for the MMP license. Perhaps Phols vision was not far off the mark. We shall see. All IMHO. Opty