If anyone here feels these are worthy questions, please ask them of the company
posted on
Oct 11, 2011 05:34PM
I've requested reponses to these questions 3 separate times over the last 2 months. The company has chosen to completely ignore my questions, not even acknowledging them with a no comment or unable to repond, etc.
Some of these have gone away because of the settlement, but if anyone else is interested in answers, please peitition the company and let us know if they'll respond to others less critical than myself. Thanks in advance.
3rd attempt. Mr. Flowers, Mr. Johnson, and Ms. Felcyn : With each passing day, PTSC’s management team and board of director members seem to take a more detached view of your responsibility to serve shareholders of the company you steward. All the while, you continue to maneuver to fiercely protect your power and control of the company, and your lavish compensation relative to the less than stellar performance you have delivered. This attitude is reflected in many ways, whether it be in the form of virtual shareholder meetings, a cessation of announcements when vital MMP contracts are signed, or now, perfunctory PR’s simply announcing that the 10-K has been filed with no further typical elaboration, and the voluntary demotion to the non-accelerated filing status. On the rare times when you do communicate, you often voice a frustration at the restrictions placed on your ability to communicate due to the contracts involved, or the court orders, conveniently sidestepping that those are a direct result of poor agreements you negotiated yourselves, signed, and of which you failed to provide proper oversight.
Simply put, these are weak excuses. Worse yet, they are a result of ignoring prior encouragement by concerned shareholders to proactively challenge the language of those agreements and confirm against the very charges now levied against TPL, as we knew that it could and would likely lead us to the very situation to which we now find that you have guided the company. Instead of heeding the call, and proactively addressing the issues and resolving them while the MMP was in the throes of re-exams, so the MMP team could hit the ground running when the re-exams were complete, you instead accepted “unsatisfactory responses” from Dan Leckrone (as Mr. Johnson put it in his declaration to the court), thus delaying the required corrections until now, a time that the MMP team should be unified and strengthened, having largely emerged from the re-exam process.
While I could go on, I won’t. But clearly I am not pleased with your performance or excuse mentality, or with your unwillingness to reflect the personal responsibility you bear for it.
Now with the 10-K being issued, and in light of the revelations found in the various legal filings associated with TPL’s litigations with its various business partners, I ask the following questions: