First, ``prospectus`` does not mean ``sale``, necessarily, in any context. The filing to which you refer IMO only sets the stage for possible future sales by those entities. It`s like when a company has more shares authorized, but has to get them registered before possible sale. They don`t have to sell, but it postures them legally for sale.

As to your other comments/issues, my opinion differs:

First, you suggest the PPS has been ``held up`` at this price for about four weeks. IMO, it`s been held DOWN to this PPS for that period. May just be my perception of your statement....

Second, no argument.

Third, but sold long by those buying the FUD, and possibly those cited in the filing. But the key is that I doubt the shares were being sold short to any great degree, as the spectre of more PRs (as time progressed) loomed large. Evidence? If there had been a great deal of shorting going on, there would have been been the resultant ``short squeeze`` with each new PR, which would have propelled the PPS much higher than the meager amounts we saw. I`m not suggesting a sustained rise, but a much larger swing up and back down.

Fourth, the word ``implemented`` means actually initiating ACTION. The announcement of 4/24/06 announced PTSC`s intent to buy-back in the future using future monies received. After 4/24/06, no new licensees were announced until Sony on 6/2/06, and we don`t even know whether or not TPL has distributed any of that money to PTSC yet. I doubt there was any real ``implementation`` until the time of the Sony announcement (when PTSC could have leveraged the anticipated revenue into buy-back cash).

But I KNOW nuttin`!

SGE