Re: Put my money where my mouth is....what about the rest of you
in response to
by
posted on
Apr 26, 2010 01:01AM
Laurie / Everyone, Look at my post history. Infrequent. Holding from before 2004 and not a fan of the way our BOD has managed to get this organization setup. It's just plain insulting, which is fine I guess if it had produced significant financial rewards for the insulted. However what has resulted simply adds financial injury to insult. We seldom see advances in share price. It never holds. The Treasury is drained by both the apparently inept, clumsy strategic decisions and by the rich rewards bestowed on the governing powers by the governing powers.
Many will say all was unavoidable once finances forced us into the arms of Lecky (who saved the Company). I do not buy the unavoidable part. Although I will grant that hind sight is 20/20, I believe there was the possibility of better strategic decisions during the Patent ownership disputes. I believe better terms could have been negotiated between PTSC and Lecky by a wiser and more savvy leadership.
AND I believe that the BOD shamelessly rigs the system to ensure their continuing reelection while rewarding themselves for failure at every turn and at such levels as to be actionable as a violation of fiduciary duty.
AND I believe the continuing willingness to be bound, without obvious challenge, to the "Cloak of Secrecy" inherent in the marketing agreement, and the use of tier after tier of interlocking corporations, designed to confuse paper / audit trails and reporting requirements, operates to hide ... something, while enriching someone.
AND I believe our Treasury function is insane,not accountable, and desperately in need of legal review, w/ bad highly concentrated investments in esoteric short term investments; a faulty asset purchase contract which specifically lets the sellers off the hook for "misrepresentation"; and Million dollar unsecured loans placed almost immediatly into default
AND I believe that flows of revenue are ours in the future but that it will be spirited away unless WE have acted to protect ourselves. I believe we must start now because the time line on action is significant but the positive impact is immediate. We will have a clear understanding of where we stand with our patents long before we have a clear understanding of our BOD actions. I DO BELEIVE that our action now will have significant and positive influence on the BOD for they have ample reason to be concerned about inquiry.
Laurie, I have been "in" a great while watching as we attempt to pour revenue into a very leaky container while the Tinkers and Tin Smiths on our BOD seem to be out on a break. and I believe that there is a limit to tolerance for the dark after years of unanswered questions.
I sent Ronran my stock position in PTSC long ago for similar purposes. He could comment, but I suspect that my holdings are much smaller then most but I was disappointed it did not take off then. Add my name to a list of funding providers.
All my thoughts and opinions
and I am not open to the discussion that this will ruin the Company and destroy the share price. Had we done this years ago we would not be at $0.12. because we would have more cash in the Treasury and proper information with which to reasonably value the company on its true potintial.