"Unfortunately, our current management has botched such efforts so badly in the past that trusting them to do so in the future would likely be foolish..."

Here it is again, this minor deviation of the facts (and you were and are the one who is constantly and rightfully claiming that only facts should be told!):

Fact 1:
"Our current MANAGEMENT" is solely Mr. Flowers.

Fact 2:
Responsible for most (in terms of amount of money) of the "badly" investments were the former CEO, Mr. Goerner, who was by definition the guy with most of the corporate power, and Mr. Bibeau as VP Business Development.
Consequently those two MANAGER got fired by the BoD, which does NOT execute management power.

In a nutshell: You not only mix management and board of directors but also who was responsible then (in terms of power) and who is responsible now.

"The Street has told us that generation of $270+ million in licensing agreements from the MMP is viewed negatively in terms of PTSC's share price..."

Fact 3:
While the MMP has generated this sum PTSC "only" received about 40-50% of it (depending how you count the PDS costs in) - so it was not $270+ million which flew in PTSC's accounts but about $100-130mio - and it was not this amount of money they could use at free disposal.
Though you are not a financial expert you surely are aware how much money PTSC had to pay to get debt free, rid of old investors (dividend and warrants) and pay taxes.
Please show me where the company itself squandered the money for luxury - I can't remember anything (of course you and other members will list the money for the BoD compensation - while I agree that they should have paid themselves related to the company's performance you'll admit that even our overpaid BoD didn't receive the $100mio).

"...and the Company has worked itself into a position where, as you correctly observe, there are no other sources of significant revenue at present."

Fact 4:
As a result of fact 3 the company didn't have $270mio or $100mio to spend but only about maximum $10-20mio. To expect this to be a "million dollar profit bringer" is completely unrealistic. Now add the circumstances of the financial crash 2007 which had massive impact on governmental expenses AND massive impact on the overall economy - and add the merciless patent process with the USPTO which dried up PTSC's financial source, the MMP, which in other circumstances would have generated more money therefore increasing the support for PDSG instead of decreasing the business.
Consequently the timeframe in which PDSG will be a significant source of revenue (if at all!) has shifted dramatically in the future.
So to claim "the company has worked itself into a position" is not only unfair but intentionally ignoring the circumstances at the relevant time (keyword: 'monday quarterback').

I'm always looking forward to read your legal related posts but I'd appreciate if you would stick to the facts in some of your other posts.

GLTY: Michael