In reading your post, and my previous one, I want to clarify that when I referenced that the "extra $2.5M net gain" best case scenario, I simply was referring to the gain in the "cash and equivalents" line on the balance sheet. As you correctly point out, there is no NET GAIN in money to PTSC in the form of appreciation on the investment in the ARS. The net gain I refer to is simply a transfer from long term assets to cash.

I haven't studied the ARS market much, but unless it's getting worse and not better, I'm not sure why they would settle at a discount, when to date they've at least been getting par value. At best it seems it's likely Flowers and BOD deciding it's worth it to get 80 or 90 cents on the dollar back on the ARS money (on the overall original total ARS investment) as a tradeoff to stem the legal expense, management distraction, and opportunity costs of that being illiquid money.

When you consider how little left there is to manage, and how many people are drawing paychecks to manage or oversee the manager vs, how much they are all getting to do this, and in light of having $10M in cash as of 5/31, why rush to settle now if not at par or better?

Another disappointment from people who seem to be intent on providing just that, IMO.