"In spite of RG purchasing stock at those higher prices, I do not believe RG is stupid."

I don't believe it was stupidity - it was intention. To create this warm feeling for us shareholders in spring 2008 - and to show he's in the same boat when the expected drop in shareprice occured (after his first shareholder letter I put up the question if he wrote this: "I know that change is both inevitable, and disconcerting" to prepare us for hard times, so my guess is he knew what would be coming). By the way: he asked for our support and patience during the transition - shouldn't he then be a little more open and tell when he thinks the transition period will end?

"I get the feeling that RG might be one of those. Well, hope so anyway."

I had the feeling, too, but regarding your hope: What is it that brings new investors to the table? Hope or facts? If one can only hope a company will develop in a positive way, but has no facts to build his investment decision on, would one invest in this company? Actually I can't find any substantial FACTS (I'm not speaking of expectations based on the hope the MMP will survive or Crossflo will succeed) which would justify a decision in PTSC - and this is definitely the job of a good CEO to create an "environment" where "old" and new investors feel comfortable and positive and are willing to stay with "their" company. But my guess is today 90% are staying with PTSC because of their huge losses, not because of their belief.

GLTY