Below are the PTSC balance sheets for May '05 at the time of the merger with TPL, for May '07 when the company KNEW that the patents would face reexamination, and for this last 10q period.

Over that time, PTSC has received $123.8M total from MMP revenue. Since May of '07, when it was absolutely clear they faced a USPTO battle, they have received $34.7M in MMP revenue.

IMO, the balance sheet is the clearest and most unbiased reflection of what they've accomplished. Essentially, the bottom line is that they've taken in $123.8M and increased the company's total assets by $25.6M since May of 2005.

Is $25.6M in return for $123.8M an acceptable measure of performance? IMO, this should be considered in the context that as of May 2005 there was a staff of less than 10 people at PTSC, and almost 5 years later, we now are questioning whether any of our assets aside from the MMP have any signifcant value moving forward.

Where did the other $98M go to? Who benefitted from the additional 130M outstanding shares that came about during that time period? Is it acceptable that we sit at the same price per share today, that we did at the end of FY2005? Is this acceptable in light of the BOD having switched CEO's 4 times during that period?

Perhaps I'm being unreasonable, but I find this performance deplorable. And in the context of where we were in 2005 with very little overhead, and where we are now, and realizing the only non-self-inflicted problem is in the re-exams, it is doubly so.

Unfortunately, it appears as though this BOD thinks that this performance IS acceptable, as while they continue to make changes, despite change after change over the last 5 years, their performance hasn't improved, but yet they refuse to recuse themselves. They are the ONE CONSTANT.

While I can't make it to SHM in Chicago, as I'm sure is their biggest reason for having it there (to make it difficult to face shareholders in general - not me specifically), I hope those who are able to make it, will hold this BOD to answer for this balance sheet.