"That said, we agree that a takeover by an entity who was skilled in managing IP would be an agreeable exit, provided the terms are favorable to current shareholders, especially those who have traveled the long road."

I have long felt that PTSC will end in a buy-out or acquisition. At current market value it's worth a pitiful $40M, less any stock value the acquirer already owns. Just one license deal worth $100M would bring in $40M cash to PTSC and to TPL. With just $20M an acquirer can get controlling interest. Any infringer of a significant size would be better off acquiring at least PTSC.

The question is - would an "honorable" acquirer recognize the potential future value to current shareholders and make an offer of at least a dollar a share? Probably not - they could get sued by their own shareholders, unless they are private.

Sadly, I can think of several dishonorable potential acquirers who would offer maybe a 20% premium (say 12c) and a cash-only buy-out. Would TPL be required to divulge to PTSC shareholders these "in the drawer" deals as well as prospective income in the face of an acquisition? At least shareholders could file a Class Action in the event of any failure to disclose the potential value of the MMP.

Then there's the concept of a reverse merger of TPL (acquirer) into PTSC (lamb at slaughter) so that TPL becomes instantly 'public'.