blankenship / Re: Question for 2007
in response to
by
posted on
Aug 11, 2011 11:44AM
Not sure why these questions relate to 2007, but as I understand it, currently there are only 2 members of the PDS Management Committee. Dan Leckrone and Carlton Johnson, not 3 anymore. Robert Neilsen left TPL in April of 2010, and, subsequently left the PDS management committee shortly thereafter. We (PTSC) pay CJ a handsome $36K extra for sitting on the PDS committee. It wouldn't surprise me if TPL billed PDS as part of their expenses, whatever fee Leckrone collects for his position on there as a way to bilk more out of PDS before the PTSC/TPL split of net revenues. However, that's a guess. I don't think PDS pays anything to the management committee members directly.
It's my understanding that the court has put CJ in control of PDS's financial accounts, but based on the filings, it appears that Leckrone CONTINUES to bully CJ and run roughshod over PDS & PTSC. The filings read as though PTSC is saying in a voice on the verge of tears, "Leckrones mean and he won't do anything we want him to do or that he's supposed to do! Please help!" Based on CJ's milktoast declaration that Laurie shared, having CJ in control of the finances offers me little comfort as he clearly is intimiated by Leckrone.
It really seems like our side allowed Leckrone to bully PTSC into the MA/CommAg, and then continued to bully us along the way with their MMP dealings, bullied us into lending them money, bullied us into extra fees on top of what was outlined in the agreements, bullied us into a settlement/loand payback that ultimatley got TPL around 90% of a $7M quarter in MMP sales, and seemingly continue to bully us through on again off again settlement negotiations obviously geared toward allowing TPL to justify continuing to collect fees for licensing, yet without resolviing the matter, except on THEIR time frame.
Basically, Leckrone et al, has run circles around our BOD and management team. Why we've allowed it, based on what we read in court filings, seems to be simply because we don't/didn't know what else to do. I'd go further to state that, IMO, CJ, Gloria, Cliff, and the rest, didn't want their gravy train to end, nor for there to be the type of scrutiny that lawsuits would bring, and thus continue to try to sweep it under the rug instead of AGGRESSIVELY resolve this either through litigation or settlement. Leckrone has bested our crew at EVERY TURN.
I can only hope our lawyers are good.