That really answers nothing. I know what M&A is.

How about a good read for you?http://en.wikipedia.org/wiki/Public_...

You're missing the point. It doesn't matter what type of company is acquired (but please do read the public company definition). Without the patent portfolio as the chief, and substantial, revenue generator, there is not much there.

PTSC just becomes a capital investor and there plenty of better ones out there.