No, my argument is really with your philosophy of revenues won't move the PPS, but the follow-on proper management of those revenues will.

I guess it comes down to my investment strategy versus what yours apparently is.

I'll use something simple, a possible event in the near term, to make my point - and compare it with what I hear you saying.

Scenario:

The examiner terminates the re-exam of the '336. The '336 becomes un-incumbered with anything PTO. The Ts settle and Aliacense (->PDS->PTSC) gets a nice pile of cash, the amount being announced as part of a "Material Event".

I'm convinced that, if this were to occur, the PPS would rise significantly, instantly. I would then sell a portion of my holdings.

You, on the other hand, apparently don't believe the PPS would move, and then, seeing that it did, still intend to hold all your shares waiting to see how that money is managed - ironically - while having no confidence in the competence of PTSC to manage that money in ways to your liking. This latter aspect being the source of your complaint. No confidence.

This may be a bit exagerated, but makes the point.

More directly, I'm convinced that large spikes in revenues will indeed move the PPS, significantly. You are not.

And with enough of those spikes in PPS, I will have sold all my holdings and moved on. I don't intend to hang around waiting for something that may or may not happen with that money 2-3 years down stream.

So be it. We agree to disagree.

SGE