Well I can agree with most of that except for,

"Their plan to drain the pockets of TPL and PTSC in the meantime appears to have worked pretty well in their favor."

Patriot could be in much better financial shape. They are primarily responsible for their current position. They may actually have the upper hand with TPL. IMO, they could have REALLY had the upper hand if they weren't so trigger happy with the cash. Three, two, one.....Milestone, warrant overhangs blah, blah....