Saturday, December 20, 2014 9:38:48 AM
Currently in the December 19th bankruptcy hearing, PTSC says, Alliacense/Lecrone are dragging their feet in presenting 2 equal MMP license lists to PTSC of which, according to the recent July agreement, PTSC gets to pick one. As with any deal entered with the Lecrones they are using delay as leverage to change that deal. According to PTSC Alliacence/Lecrone now wants to simply give PTSC some of the list and lower potential targets. My guess is your weak PTSC board gives in to "go along to get along" as they have in the past. Lecrone had your PTSC board pegged from the beginning as weak and PTSC, not understanding a real fighter like Lecrone, thought that if they agreed to his terms he would play nice. PTSC could have fought him years ago. They had TPL Lecrone in court on allegations of heavily discounting MMP licenses to sell his other patents and pocketing most of the money. They then let him off. They even loaned him $1 million to keep from defaulting on your joint agreement. PTSC would then have gotten control of the entire MMP. My guess is PTSC caved because TPL/Lecrone used his control of Alliancense to threaten to completely scuttle licensing. Pathetic. You should be suing your board for breach of fiduciary duty to shareholders.
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