I understand your speculation...I have some similar thoughts...although I also have no factual information to support my assumptions....

As has been mentioned here by others, the wording of RG's contract
that explicitly excludes a M&A with TPL can easily lead one to assume
that is what has been in the works or at the minimunm discussed between both parties recently.

Further evidence of that is also RG's statement that any M&A would
occur probably near the end of the year. with the cash in the bank as it stands now how can one even speculate on that occurring within the next 6-8 months with such a small amount of cash for M&A available....unless it's a minimal cash merger between two near equal entities...value-wise.

That is significant in the fact that the PTO should render their
decisions on the reexams probably over the next 3-5 months (based on the normal 18-24 month processing time for most re-exams). Once that is done then I see how easy it would be for TPL/PTSC to announce their intentions of a merger. It would not surprise me to see a RS split thrown in there too esp. with their stated intentions over and over again of getting to a better exchange.

With such an assumption I can also see where it behooves TPL not to
push for more contract signings...at least those of any
magnitude...before the re-exam in done and the assumed M&A between the two occurs.

Even then the questions will rise.... as the PPS continues to
fall...as to what will the shareholders of PTSC have to show for
their investment dollars after the two potential collaborators wheel and deal for the best and cheapest price for such an M&A that might occur.
JMHO