You keep bringing this up>

"It has taken in FREE AND CLEAR over $123M from MMP, and only had to manage how to spend that money after taxes were paid (at a much discounted rate due to built up tax loss should be noted as well)."

I cannot state specific timeframes, but I have stayed tuned in to PTSC's tax liabilities. For a time, their net tax rate was about 40% (due to roll forward of prior-year loss carry-overs that cannot be taken in one fell swoop but over some period of time). I believe it was last year that they reported that the tax rate had increased to about 45% (but that could have been two years ago). Average the two rates, and it's 42.5 % (just keeping it simple...).

.425 X 123M = $52.275M

I'm just suggesting that your "much discounted rate" was chewed up PDQ with that kind of money coming in. I'm also suggesting that tax liabilities were not some trivial amount. Even if the number above is off by a whopping 20% high, you're still looking at over $40M in taxes paid. That's a big chunk of $123M.

FWIW,

SGE