Thanks octtrader. SEC Rule 10b-18 is an interesting read. It lays out specific guidelines to prevent a company from manipulating the price of the stock. i.e. The company is not permitted to buy back in big blocks and the company may only use one broker. It certainly seems that Patriot and or TPL is not manipulating the price of the stock.

``The volume condition limits the amount of securities an issuer may repurchase in the market in a single day. The volume condition is designed to prevent an issuer from dominating the market for its securities through substantial purchasing activity.18 An issuer dominating the market for its securities in this way can mislead investors about the integrity of the securities market as an independent pricing mechanism.``

The only guideline I could find in the rule which could prevent them from buying back shares now would be the following:

``Because Rule 10b-18 assumes normal market conditions, the definition of the term ``Rule 10b-18 purchase`` excludes issuer bids and purchases made during certain corporate events, for example, mergers, tender offers, and distributions that involve the issuer.9 The safe harbor also does not confer absolute protection from all liability for purchases (e.g., purchases that are part of a plan or scheme to evade the federal securities laws) -- even if made in technical compliance with the Rule.10 Rather, the safe harbor provides only that certain, specific provisions of the securities laws will not be considered to have been violated solely by reason of the manner, timing, price, or volume of such repurchases, provided the repurchases are made within the limitations of the Rule.``

If Patriot has info regarding licensing fees which would likely drive the price up when it is released, is it against the Rule to buy back shares before the info is released? Would the J-3 situation be included under ``certain coporate events``? I`m not sure - all opinions are welcome.

GLTA