TPL paid PTSC 10million for exclusive rights-miles
in response to
by
posted on
Aug 11, 2011 12:27PM
I previously posted from the Yahoo Message Board:
"TPL paid Patriot about $10,000,000 up front to give TPL the exclusive right to manage and control the MMP Portfolio, and the agreements were carefully crafted to protect the confidentality of the affairs of the Joint Venture, as well as the exclusive right of TPL to manage the MMP Portfolio from interference by Patriot."
You then asked me
Hmmm, and how much did PTSC receive from Intel, via TPL?
Does the following clear things up?
We entered into an Escrow Agreement along with TPL (the “Escrow Agreement”) pursuant to which the proceeds arising from the Intel License were allocated for the benefit of us and TPL. Pursuant to the Escrow Agreement, the proceeds were allocable equally to PTSC and TPL. Accordingly, when the initial capitalization obligations of PTSC and those of TPL with regard to PDS (defined below) were satisfied, and when our payment obligations and those of TPL with regard to the Rights Holders (defined below) were made, we received $6,672,349, and the remaining proceeds were allocated to or for the benefit of TPL
10-K (Filed: 16-08-2010) p5
Looks as if PTSC got paid off to give control of our most valuable asset to Dan Leckrone.