Re: "I think our BOD is quite afraid".. Perhaps with good reason. eom Agree..
posted on
Mar 21, 2014 05:54PM
It is my opinion that the three ptsc Board members are sweating out the the decision of the BK court due on 2/26 (hopefully it is not delayed again) and are pushing for a DL and ML directed settlement. Not that it would be beneficial to PTSC shareholders which I believe such a settlement would not.
Quite the contrary it is my belief that a receiver who is worth his or her salt would initiate proceeding and investigations that just might prove what MOST of us have suspected for a long time that the PTSC Bod of Directors has been under the direction of the Leckrones and Swartz for a very long time. That a substantial sum of license money has been misdirected etc and quite possible with a forensic audit some can be found to be distributed to all creditors as well as maybe finding a White Knight (with respect to Brian).
The lack of transparency, the lack of adequate communication, the settlement of our law suit (joke) against TPL shortly before the BK filing by tpl, the fact that material events according to CF has a very narrow meaning and though there are many other "facts" I can think of providing the mismanagement purposely or through incompetence of this Board my favorite is (and you can look this up....
The fact that Flowers at a shm a few years back when directly asked why he does not own any shares of PTSC though he was being paid a ridiculous compensation pkg. (inclusive of bonus's) said and I quote, " I cannot afford to buy any shares in the company as it is too risky an investment"!!!!
I asked him at that point if he would willing resign and he laughed at me but my rationale then as it is now that the CEO or even the interim CEO (which he was at the time) of any corporation's main objective and job is to increase shareholder value by increasing equity in his company. A CEO who says his company is too risky an investment to me is a CEO who should have been fired immediately and yet....... he was made permanent CEO and is still collecting his comp.
I know he purchased 75k shares aprox a year ago but I believe if nothing else that was for appearances sake and at a price I think of aprox a dime a share was a pittance of what he has rec'd in compensation.
I believe that the company should have taken a very active roll in the BK proceedings and pushed very very hard for a receiver and the Leckys to be gone though that action IMO would not been in the best interest of "our" (joke) Board to spend the time, money or effort to seek such an end.
I can only hope that the BK committee and the BK Judge can see through what kind of slick and sick family the Leckrones are.
Of course all of the above is my opinion EOM
Marc