I'd be more apt to agree with your perspective on this had PTSC not already been able to redeem a good portion of their ARS investement at par. Granted, I don't have a good understanding of that market and the mechanics of it, especially in the crippled state it's been in for the last few years, but considering PTSC had been able to do so, I assume with the added pressure on DB of the litigation, that PTSC would have been able to continue to do so and presumably gotten all their money back even if with no appreciation or interest. Based on the 8-K though, it seems clear they've taken a loss on it by settling.

Since we can assume based on the 10-K that cash is not in a dire situation, patience seems to be something they could've continued to exercised on this issue. However, as you point out, and as I did earlier, the benefits seem to be at least this issue has been taken off the table. Based on their past performance though, I'm not sure liquid cash is of benefit to shareholders with respect to this BOD & manager. They've been key decision makers in the history of financial squandering and largesse to themselves, so perhaps ILLIQUID resources would have been better in some ways.

Furthering that concern that past may indeed continue as prologue, OPAQUENESS seems to continue to be the rule of the day as displayed by this latest settlement, as it has been with respect to all of their important dealings. And the market continues to reinforce that their strategies in this regard continue to fail.