8. For the Committee to fulfill its fiduciary duties to all creditors, especially in light of what the Committee now believes are self-dealing, inherent conflicts and managerial miscues of the Debtor’s management clouding this case, your Applicant, together with the Committee, have conducted a comprehensive investigation into the Debtor’s business affairs and operations. In addition to the matters discussed above, your Applicant, together with the Committee, have undertaken in-depth analysis with respect to numerous aspects of the Debtor’s bankruptcy case, especially those pertaining to the dissipation of estate funds, retention and compensation of professionals2, payment of compensation to certain employees, scheduled debts of and claims filed by the Debtor’s insiders, transfers among affiliated entities, settlement of litigation and entry into license agreements. Your Applicant, together with the Committee, also has conducted in-depth analysis of related matters outside of the bankruptcy forum, including (a) developments in the Debtor’s litigation before the International Trade Commission (the “ITC”) and the Northern District of California and (b) the ITC’s decision issued in December 2013 relevant to the Debtor’s and Alliacense’s licensing activities, and their ability to pursue future patent infringement litigation

11. Your Applicant’s diligence efforts have provided the Committee with a picture of the Debtor’s operations and financial condition in both the pre-petition period and during the First Application Period, and have laid the groundwork for plan negotiations with the Debtor as well as the formulation of a confirmable plan on terms favorable to all creditors. While its investigation remains ongoing with respect to myriad issues, the Committee has determined that the Debtor’s current management is incapable of operating the company’s business in a matter which will satisfy the Debtor’s debts to non-insider creditors. Remediating this issue has been a focus of the Committee’s proposed plan to reorganize the company.

Where does PTSC stand on this? After doing what our forensic accountant should have been doing they have come to this conclusion. It was obvious and we let them know on numerous occasions that we need to be scrutinizing TPL and they assured us they were.