the following information which was in the 1st amended complaint which I personally read:
TPL commenced on a spending binge.
TPL grew its operations to support non MMP portfolios and technologies.
TPL’s non MMP activities have not been profitable. Patriot is informed and believes TPL lost over $43 million on non MMP products, activities and technologies
By 2009 TPL’s cash woes worsened but it failed to scale back non MMP activities.
As such, it has and does continue to this date to experience a substantial “burn” which has rendered it insolvent.
Patriot is informed and believes that TPL owes third parties in excess of $30 million. “Patriot Prays as follows”. For a declaration of Patriot’s right to declare the ComAg terminated.
If PTSC believes that TPL has been rendered insolvent why have they not/why are they not vigorously pressing this issue which is one of the main triggers for voiding the master agreement. More importantly why haven't they told shareholders that they believe this to be true? Why did our BoD wait until April 2010 to concern themselves with TPL's commingling of portfolios when it appears that they may have known about this for a much longer period of time.