"We took in almost $150 million gross. How much of that went back into Alliacense for legal and licensing expenses? What is left over has mostly gone into potentially lucrative acquisitions, the key word being potential. So what percentage of that $150m has been seriously mismanaged?"

This is a very inaccurate comment by you. I'm just going to focus on the first $250M of licenses taken in by PDS/PTSC/TPL since I have those numbers handy, but of that $250M, $41M went to Alliancense for in house and outside legal and other licenseing costs. They earned another $880K in interest over the time it took to make that $250M, so essentially, after costs, there was $209M for TPL and PTSC to split.

So PTSC got $104.6M of clear revenue from the MMP in a 4 year period.

Of that, they paid taxes on only a portion as they had significant losses that they were able to take advantage of. The aquisitions that you say they put MOST of the leftovers to amounted to just under $3M in cash, the rest in stock for the Crossflo merger, and obviously some relatively small cash amounts to Kratos for Vigilys, some to Talis, Holcom, etc. but all together, not even $10M of that $105M went to aquisitions.

So if you want the answer to what percentage of the MMP revenues have been mismanaged, you should probably start with the actual facts before making a decision. Even if you want to assume a standard full 35% in taxes paid (which is overstating it significantly) that would have left PTSC BOD & Management with $68M to "manage". They utilized less than $10M of that in aquisitions. Perhaps the answer to your question about what percentage was "mismanaged" could justifably be listed as the remaining 85% that didn't go toward M&A.

PDS/MMP Revenues: