Even if we grant ALL of what you say, that doesn't explain the other $55M plus (post dividends) that was SQUANDERED by the company. And rather than a HINDRANCE as you suggest, the down market should have been a BENEFIT to PTSC during its M&A activities.

Milestone has it right, PTSC is where it is because of the company's inability to create any sustained predictable revenue stream. Where I think the disconnect is, is where people place the onus for that failure. We're not talking about a company who had to go out and raise a bunch of capital through PIPES or borrowing to fund their growth activities. Even if it was potentially much less than they should've gotten becuase of TPL shenanigans, PTSC was HANDED $130M with which to figure out a plan for the future. Even after giving nearly $32M of it away in dividends, they had nearly $100M left with which to work. Roughly $19M went to taxes, in part because of the way PTSC structured its business. So of approx $80M with which to grow, PTSC has less than $25M of it left.

That's not due to ANYTHING but PTSC's management of resources, investment decisions, and gluttonous salaries. And even in light of the factors you cut them slack for, they CONTINUE to reward themselves at the same levels they did before things slowed down with the MMP.

So I DISAGREE with you about the MAIN cause of PTSC's trading at 8 cents today. If PTSC were at 50 cents, then perhaps I'd be more apt to agree it's the outside forces, but at 8 cents, and essentially a price that reflects a value barely over the cash value of the company, to me it's either a question of there being NO value to the MMP or that there is NO value in the leadership of the company. Maybe I'm a fool to think the MMP has value, but I sure think it does, so option 2 seems the culprit.