But the dividends were absolutely the BOD's choice and for that mammoth error (favoring S & L above the shareholders and threatening the company's viablity) they must be judged.

Didn't S&L have to be consulted in the event of dividend payments and their agreement given?

"Give us the dividends too and we will let you convert all the convertible stock, if not, we won't"?

As I said, they held ALL the cards. Put yourself in their position... what would you want to relinquish the convertible stock? Don't forget any tax implications when arriving at a decision. Does "return of capital" ring any bells?

All the BoD could do was try to negotiate S&L to a mutually acceptable offer... a bitter pill to swallow, but one that had to be taken. I am glad that the convertibles are gone. Would you still want them here now?

S&L made PTSC viable. Were it not for the cash received from them how long would PTSC have continued before filing Chaper 11? Without that cash, would PTSC now be awaiting further decisions from the USPTO on recertification? Without that cash, would they have been able to refuse the TPL offer to purchase the patents? Without that cash would there have been any noteworthy revenues from licensing?

Given the state of PTSC's finances at the time, it was S&L type funding, or none at all, in my very humble opinion.

Let's get real here and stop assuming that PTSC could walk into any bank and have money thrown at them - it would never happen in a million years with their balance sheet at that time.

Be well