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Message: Re: The joke & nightmare continues, unless you're on the BOD ca$hing check$. eom

After you read this, one must wonder if the payments to TPL et Al, will remain at the same level as they are now even if the % of ownership of PDS increases. I couldn't find anything to the contrary...

On March 20, 2013, TPL filed a petition under Chapter 11 of the United States Bankruptcy Code. We have been appointed to the creditors’ committee and have been closely monitoring the progress in this matter as it relates to our interest in PDS. If we provide funding to PDS that is not reciprocated by TPL, our ownership percentage in PDS will increase and we will have a controlling financial interest in PDS, in which case, we will consolidate PDS in our consolidated financial statements. If we determine that it is appropriate to consolidate PDS, we would measure the assets, liabilities and noncontrolling interests of PDS at their fair values at the date that we have the controlling financial interest.

The other thing I wanted to mention is that the lack of a "third party" on the PDS committee seems to have obviously hurt us. An independent third party would have never agreed to this malarky!

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