IMO..for what it's worth...if it were I running the show...which of ocurse I'm not... I'd combine both in this way...

1. Build up cash reserves as much as possible...including the sale of PTSG if it is shown that we cna't get a decent return even with another partner...put the cash in the coffers

2. As we're building cash once we get to over 25-30 Mm I'd start buyjng back as many shares as quickly as possible hoping to get an average price of .15-20. PPS for them; with the understanding that this could take 4-8 quarters with a goal of reducing the OS to 200MM. that would cost us...all of that 20-30Mm or more...which could come from..

3. The assumption(which as we all know that word ASS U ME does to ones opinion at times) that additonal rev's would be coming in during that period of buybacks. the PPS would climb some due to the buyback occurring on the open market...probably to that .20 PPS as I mentioned.

4. If we did accrue income in the same manner with another 25-30MM or more of cash on hand then I would announce a quarterly dividend...not a special or one time...but a quarterly of .02/share or .08/share/year. This would cost us $16Mm a year (with 1/2 the OS) but better yet our PPS would soar to at least $1.50-2.00 share just for the 4-5% return we would be paying...and that's a lot more than any bank is paying and the divies get a small excemption on ones taxes too.

So basically accumulate cash, buy back as many as they can as quickly as they can to get it as cheap as they can..reduce the OS to half..announce a quarterly ...and either just sit back and collect that 4-5% ( and thats becomes a lot higher percent for many here who paid only a fraction of that 1.50- 2.00 PPS est.) or sell when others buy in for that return.

With 400Mm OS right now we'd need 32MM NET cash on hand just to pay a 0.08/year cent dividend..;.no thanks keep the cash in the coffers and build it up to do more good in the long run IMHO.

Just one man's opinion..probably has some holes in it..but it is a plan we could portray openly.