However, since licenses and dividends are its only business, it may need many more deals to justify its current price.

His opinion obviously, but kinda reminds me of milestone`s who postulated PTSC would never make $2/sh even with a billion dollars of revs. Personally, with `many more deals` under our belts, I believe we will be well over $1.30.. this one is a `we shall see`, but more deals before the J3(5) puts that much more pressure on them to settle.. or what if the J3(5) are next?? You think we will be just holding a buck thirty?? ..we shall see.

The current licensees have paid on average around $10 million each, with half going to Patriot..

Let`s see.. Intel, AMD, HP, Casio, Fujitsu.. that`s 5 co x $10 mil = $50 mil, with according to Max ~ $25m going to PTSC. Well, this is incorrect as you well know. It`s been $76 mil , as he stated earlier in his article, actually contradicating himself.. making it $15 mil per deal.. and this doesn`t take into account the $ SONY just signed for. Also if you remove AMD, which got a gifted deal pre merger, and actually bought into the company, the licensings have been for nearer to $18 mil per.

Anyway, IMO, he`s still being misleading.. but maybe the story unfolding will eventually make him a believer, it appears he`s following it closely.. and that`s a positive.