B-Lunist / Re: wanabe / Re: Yeah Right!
posted on
Jul 13, 2009 10:25PM
I'll take ignited's point just a bit farther. While you might disagree with some of my characterizations of him, about 4 years ago, we made a deal with a talented person, who arguably is extermely qualified, and so recognized in the business area that he deals, that he has articles published on patent reform and he focused on making a deal with PTSC.
Something definitely changed at that point and it arguably was promising news that tipped the scales.
My point is that while based on what I've read, I wouldn't compare Baroni to Leckrone, and we may not have formed a partnership with Baroni (though I'd expect that's not out of the question now or in the future), the truth is we don't know much about him. And what we do know is that the company has per their PR "retained" a company that isn't yet legally recognized.
That basic oversight of "management's establishment and enforcement of financial policies and business practices" that is one of the the Audit Committee's main charges seems to me as though it should ensure that PTSC engages legally recognized entities, that should also have a minimum threshold of professional insurances and viability. While it may turn out that Baroni Management Company LLC, does or will have those things in place, it seems pretty remarkable that when I asked them directly, the company could not provide a response that substantiated that those items are in place as of the PR on Friday.
So, while I also put the Baroni relationship in the positive to potentially extremely positive column of developments, and as I indicated previously, I'd go as far as to say based on what we know about him, he's the type of person I'd be looking to as a BOD member and possibly even Chairman of the Board, if our comapny is not able to even assure that the entity they "retained" is legally recognized, who's to say that this guy isn't in the process of setting up PDSG/PTSC for the taking?
THAT is why I focus on what may appear to be less important than the main issue! Though I'd be hesitant to classify basic sensible and sound business practices as EVER less important.
I do share your enthusiasm and I am very much looking forward to see what comes next, and as always, I'm as hopeful as the next PTSC shareholder, and probably more so, but even with RG at the helm, a guy we all seem to agree has been a good choice and is well qualified and talented, we've lost a cool 80% of our market cap from the highs of .65 that we hit in March of last year while RG was CEO. There's a reason for that, and IMO, the underlying questions from Friday's PR, are primary among them.