"During the years ended May 31, 2012 and 2011, TPL entered into licensing agreements with third parties, pursuant to which PDS recorded license revenues of approximately $4,029,000 and $11,090,000, respectively."

If I recall (right now I think I do, but see below) royalties/fees are paid direct to PDS then TPL gets 15% off the top and then PDS splits what's left twixt TPL and PTSC.

So call it a round $4M. Less 15% drops it to $3.4M of which PTSC should have seen $1.7M. Can PDS withhold/defer distributions if PDS itself is short of funds?

It is still getting to me that the person responsible for the 10-K goes to great lengths to instil fear and dread in shareholders yet is awarded by the Compensation Committee and willingly accepts a salary, bonus and 401(k) so far beyond the reasonable and customary for someone managing just two other employees (who are they?) and oversees the continuing decline of the same company.

If, at heart, he believes or knows that the BOD (aka CJ and GF) has made deals and decisions (or lack of decisions) detrimental to the the value of the company and its shareholders, now would be a good time to "blow the whistle". It works - I know a Senior VP (not even a CEO or CFO!) who stood by her morals and beliefs and blew the whistle rather than accept a severance deal worth at least $250K (CF's is MUCH higher). She persevered under considerable stress and won over $1M while retaining her integrity and self-esteem. Unless of course he is himself in too deep to be able to even find a whistle.

For PTSC BOD members, you'll find "integrity" in your job descriptions and also in the "I"s in a dictionary - if you get as far as "internment" then you missed "integrity".

I'm having a bad day. Wine will be poured, possibly via a glass.