IMHO, if management were concerned with the PPS, they'd be promoting and educating the investment community on how these patents would generate revenue.
Apparently, that's not a concern with them. For example, if any offer was in fact rejected, why in the world wouldn't they mention that. A lot of companies that are interested in selling their company, do. Why wouldn't they?
Dilution maybe the cause for the price falling. But, in the conference call, they stated they wouldn't. But, we all know how that works, now don't we? IMHO