On October 6, 2011, we settled our dispute with TPL regarding the management of the MMP Portfolio. Pursuant to the terms of the executed settlement agreement, TPL has agreed to have PDS take the following actions: 1) allocate to PTSC $1,100,000 at the rate of five and ten percent of future distributions due to TPL as a member of PDS, 2) TPL has agreed to increased review and procedures by PDS and us on all MMP Portfolio licensing, 3) we have agreed to have PDS pay TPL for certain litigation and reexamination support services at the rate of $172,000 for June 2011, and $86,000 per month thereafter until 60 days after the Markman hearing in the current patent infringement litigation, 4) the parties have agreed to established guidelines and procedures relating to proposed license arrangements to be entered into by TPL involving the MMP Portfolio patents and one or more other patents within TPL’s portfolio that is not an MMP Portfolio patent, and 5) a procedure for allocating revenue between the MMP Portfolio patents and the non-MMP Portfolio patents, if needed.
We had to negotiate our review procedures that should have been in place all along. We are now just an arrow in TPLs quiver. TPL has fleeced us and Charles Moore. How did this guy go from a licensing agent to virtual 100 percent owner?
