From a post of mine on April 26...

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Perhaps he [Lecky] just wants to merge with PTSC, in order to run the whole show.. How does that work? Does PTSC have to come up with an 'equal' amount of assets as TPL based on market cap and share count and other assets? 110 mil shares not issued, but authorized (including repurchased) @ say .70 is ~$75M.. throw in the $25M in 'cash'.. that totals ~$100M.. Would PTSC have to make up the difference of their half of whatever the merging companies was deemed valued at including the MMP? Would PTSC possibly be required or need to come up with some other asset/s in order to make a merger with TPL workable? In this situation would the Preferred Shares (and the valuable benefits that accompany them) stick out like a sore thumb and 'fulfill the bill'??

-Most preferred shares are "cumulative" which means that skipped dividend payments are accumulated until they are finally paid. For example, a company that missed two years worth of preferred share dividends would have to pay all the missed payments before it paid out anything to the common shareholders

-Convertible preferred stock: Holders of this type of security have the right to convert their preferred stock into shares of common stock (potentially at more than a 1:1 ratio). This allows the investor to lock in the dividend income and potentially profit from a rise in the common stock while being protected from a fall in the same

-Preferred stock can be a goldmine for corporate portfolios. Why? Federal tax laws only require companies to pay income tax on 30% of their preferred dividends, meaning a full 70% is essentially tax-free

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And that's with a 100% premium from where we are...

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You think Leckerone would wait until after the PTO reexams???