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Message: srandl / Re: biajj / Re: lamberts.. your post on PTSC, PDS and TPL Agreements

Just a few things to think about:

Per the filing, PTSC paid $120K to $170K for the efforts in the "consumation of the relationship". It seems that at $300/hr, that would by between 400 and 567 hrs of an experienced lawyer(s)' time to review and negotiate the agreement. Obviously, PTSC had money to spend.

PTSC's BOD were being paid in shares at that point. If Pohl & Johnson were to be paid for their efforts, why not pay them in shares?

What EXPERIENCE do Pohl and Johnson, or Felcyn & Falk for that matter, have to draft, negotiate and review such an agreement that has to do with Intellectual Property, Partnering of Public and Private Entities, Formation of resultant LLC's?

What if the agreement has serious flaws in it? What if it doesn't meet the legal standard of care that is required for such contracts? Against exactly whom to you and I as owners of PTSC have legal recourse if that were to prove true. Certainly, it seems to be a lopsided agreement per most shareholders' views here, though I don't think that's necessarily the standard of measurement, but REALLY, what if this agreement doesn't meet the letter of the law with respect to what rights and responsibilities our PUBLIC company, has subordinated to the control of a completely PRIVATE entity?

How many companies who are acting with fiduciary responsibility would NOT have outside counsel review an agreement of this magnitude? Did PTSC have it reviewed? Did PTSC have representation by independent counsel? Perhaps so, but these are questions to which the answer is NO, then........????

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