There wasn't an MMP Portfolio when PTSC took on the S&L financing and therein lies the problem - using the situation now where there is a value for PTSC's 50% interest and saying it was the same then.

NOW, it could be used to leverage a bank loan, THEN, no way.

Yes, S&L worked the market, and it was clearly evident in the terms that they could do this. That is why removing the convertibles was paramount. As I have repeatedly requested, what was the price at which S&L would redeem the stock? If you were S&L, why would you want to renegotiate a deal which could be more favorable for the company? Altruism?

What you suggest is akin to a person with a 17% fixed-rate mortgage over 25 years going back to the lender now and requesting a rate reduction, penalty free. It isn't going to happen.

PTSC were desperate for money to remain operational, the banks wouldn't touch them, that left financiers who could dictate their own terms. Sink or stay afloat, you decide, but please don't berate because the financier made money on mutually agreed terms.

Back to 20/20 hindsight again, but were there any other offers of funding on the table for PTSC at that time?

Be well