I understand what you're saying, but with your own assessment of things, why do you stay invested? Honestly, why?

You make it clear that in your opinion, the entire fault lies with the BoD (okay, maybe just 90% LOL). While I agree with you to an (probably surprising to you) extent*, until someone, anyone, can come up with an effective plan for their removal/replacement, it seems you're tilting at windmills. I concluded long ago that we're stuck with them until THEY decide to leave, so making noise about it is merely banging your head against a wall. And the noise made is probably harmful to your fellow shareholders - therein lies the problem.

The hope lies in RG, and (heaven help us! LOL) the boys at TPL. Regarding the latter, there is the beacon that, for the most part, we have a common goal - make big money off the MMP.

*Regarding the extent to which I blame the BoD, I do have a rough time with that. We have no way of truly knowing how much influence they have on the operations of PTSC. Typically, it seems they are just along for the ride, i.e., they'll bless whatever the CEO wants to do as long as it doesn't impact their gravy chain. So IMO most (99%) blame should probably be directed at DP and prior CEOs. Rarely does a BoD member actually make things happen, or actively engage. This Baroni thing is about the only exception I've seen, since I understand that RG is not on the Audit Committee and his name wasn't mentioned in the PR.

As I've said above and before - the company leadership points directly at the CEO, and not the BoD watching from the balcony giving a thumbs up or down to what the CEO proposes.

I would side with you more if I believed that the BoD were actually calling all the shots and the CEO was merely their pupit. It has never really appeared that way to me (even with Turley), even recognizing that the BoD hires the CEO.

Where I do have a real problem with the BoD is with their compensation considering their very limited role.

Primarily to blame, IMO, is circumstance. The re-exams. Nothing we can do about it, but IMO they have hurt us more than anything else over the past three years, and there's not a darn thing we, or PTSC, or TPL can do but just grit it out. IMO, no mis-step based on company decisions even comes close. Now the recession may also hurt us - infringers' ability to pay.

By golly, a civil response!

SGE