Funding issues loom for whom? Per the 10Q, not for Alliacense (with further evidence being the job openings). And not in the very near term for PTSC (cash on hand, assets that can be leveraged, assets that can be sold). These issues loom for TPL only, and the reality is that TPL's woes may not be nearly as dire as we're led to believe.

TPL. Do you honestly believe that pops and son Leckrone are broke? Do you believe that the other investors in TPL are not willing to contribute more to protect their initial investment? Do you believe TPL has no assets to leverage or sell?

Now I must ask: have you ever run a business? It is common practice in business to seek needed funding from the "outside", holding your own assets and assets owned by the business. Businesses borrow money all the time, leveraging assets. They could sell those assets to get the funding, but they don't. They could cough up more funds from their personal accounts, but they don't. Far better to use "somebody else's money" with reasonable terms, especially when you forecast a potential wind-fall in the not too distant future. Bottom line, I'm not convinced that TPL or the Leckrones are in such dire straits as we're led to believe.

As for the unsecured loan from PTSC; I've stated before that this IMO was a blunder by PTSC. That loan should have been secured like the previous loan, at minimum. And I'm fairly certain that PTSC recognized this blunder, hence the suit against TPL for default. I suspect that the result will be an extension of that loan on a secured basis, perhaps with added consideration. It's either that or TPL comes up with funds to pay back that loan, or TPL releases a percentage of their ownership of PDS to PTSC (something I suspect they resist doing). However, the reality is that this issue would evaporate in a heartbeat with positive activity on the MMP. Is this certain? No. But it is why some 16,000 investors hold PTSC stock.

As for the accounting of this loan in default, this is something that I strongly suspect PTSC had to do to maintain accounting integrity. I'm sure they KNOW there are ways to secure that loan in an acceptable fashion and/or that TPL (TPL's owners) have resources available to make them whole. So why don't they (TPL), and get the PTSC monkey off their back? Recall what I said above - forecast a potential wind-fall in the not too distant future.

Again, I have a rough time believing that the Leckrones and the other investors in TPL are all broke - unless of course they went on a premature spending spree like CM apparently did. Possible? Yes. Likely? No. I also have a rough time believing that the Leckrones and other investors in TPL will let TPL "go under" or suffer the loss of its most valuable assets/potential.

JMHOs,

SGE