This is yet another example of how Shareholders are left in the dark by having sealed secrecy for exhibits and elements of at least one agreement with TPL. Some of those documents that are required to be filed by the SEC have been requested to receive and have been granted "sealed" treatment, but also what about those documents between TPL and PTSC that are not required to be filed or recorded, what, if any, agreements or treatments or memorializations do those documents contain ???

... With PDS related filings requested to be sealed by PTSC and TPL, you can't help but wonder if there were modifications to the original "Bankruptcy" provisions below, and if so, WHEN they were modified ?

It seems to me that the language below is mandatory, "shall".

I also do not see where any distinction is made between Chap 11 and Chap 7 Bankruptcy filings.

If not, why hasn't PTSC sought to invoke section 3.5 of the Op Agreement ?

If they have, what was the result ?

p. 10 3.5 Effect of Certain Events on Membership

(a) Bankruptcy, Foreclosure or other Similar Event.In the event of a Member’s bankruptcy, or the foreclosure upon or other similar proceeding with respect to that Member’s interest in the MSD Patents of that Member’s Percentage Interest:

(i)Any and all rights that Member may have under Section 4.2 of this Operating Agreement shall automatically terminate; and

(ii) any and all rights that Member may have under Sections 2.2.1 and 2.2.2. of the P-Newco License or T-Newco License, as the case may be, shall automatically and without further action by any of the parties thereto be irrevocably transferred to the Company.(Company is P-Newco)