Interesting you should ask. I actually started to respond, but stopped because I didn't want to point out that the question makes no sense. But heregoes, the question and an answer:

"How has the BoD enhanced the monetization of the MMP and what has been the result of those efforts vis-a-vis shareholder value, over the short-term, mid-term, and long-term?"

It is not the BoD's job to monetize the MMP, i.e., convert the MMP asset into money. In fact, they are specifically prohibited from doing so per the Master Agreement. This is TPL's responsibility, not PTSC's.

I suspect the intended question is more at "what has the BoD done with the income from the MMP to enhance shareholder value?". In spite of my misgivings with the BoD, there actually have been a bunch of things they've done with the money - and it's where IMO most of the money went - to enhance shareholder value. Unfortunately, there is great debate over most of these things, but on their face, they did enhance shareholder value. Examples:

- Share buy-backs, reducing float (how much spent? $10-20M?)

- Dividends, where all shareholders benefited depending upon the number of shares they held. Interestingly, most complain about the dividends, yet currently, many suggest it be the way of the future. (how much spent? $30-35M?)

- Eliminated outstanding warrants. Some complain about how the warrants came to be, but, none-the-less they were eliminated - a good move. (how much spent? $25-40M?)

- Acquisitions. Some believe they are very questionable, others had demanded they take such action. Results TBD, far too early to tell. (how much spent? $10-20M?)

Please correct any of those dollar estimates or refine them as possible. But there you have, per these estimates, $75M to $115M. That of what? $125M?

Granted, the numbers aren't exact, and there was probably a lot of money wasted. My problem with the BoD has mostly to do with their compensation and their inability to select capable management (and the compensation of that management with little to nothing in the form of results). But to suggest they "squandered all the proceeds from the MMP" is pure non-sense. Some, yes, most of the money, no.

JMHO,

SGE