"The Board is currently seeking to fill an available Board seat by adding someone having significant investment banking credentials"

translation; Swartz is bringing another one of his cronies in to milk our "cash cow" as if we don't have enough leaches already. Remember he has 20 years experience as a VP for Bear Stearns & Co. and Oppenheimer & Co...very easy to do a buddy a favor and give him a comparable position to Carlton Johnston. David Pohl I urge you to do everything in your power to not let this happen. Too many chiefs and not enough Indians already.

The Holocom deal was bogus...a mistake, another board blunder. We bought some patents which we will do nothing with. IMO a deal that will net us absolutely nothing. This is Swartz's 20 years of investment banking experience at work...pathetic.

As of last report we had purchased 8M shares and now according to the letter we are up to 10M. A whopping 2M shares purchased while we sat in the .40's. What happened to the theory that we were keeping the share price depressed to buy back shares? 50 cents a share and we only purchased 2M shares. If we used the $8M from the dividend just announced we could have taken out at least 15M shares but giving Swartz the dividend was top priority...maybe he needed it to pay taxes hence the payout date is scheduled 1 week before the 15th. Like I've said in the past if they're not going to use it wisely to grow the company I'll take it every time.

We gave out approximately $32M in dividends!!!...can you imagine the progress a company of our size could make with $32M!!!!!!!!!! The best idea our board could come up with is a dividend...a professional pig with over 20 years experience in investment banking and a dividend is all he could come up with...not once but 3 times? Why not keep the cash in our treasury? If we accumulate so much cash that our bank no longer accepts our deposits could we not just issue a special one-time dividend like other companies I follow have done? Is cash in the treasury that painful that every time we receive it the first thing our board does is try to empty it out? Pohl...KEEP THE CASH ON THE BALANCE SHEET! Why is this such a difficult concept to grasp?

Regarding the China deal the longs here should remember what happened the last time they dangled that carrot in front of us. I fell for it fairly hard...more skeptical this time around.

"Although the analyst who wrote the report reached share price conclusions and projections that were more conservative than we had expected" We are currently a shell with no/very poor execution...what kind of share price was management expecting? Stop emptying the treasury, start executing the business plan, and begin producing measurable results then IMO the share price will take care of itself. Investors, unless they are in at .05, are not going to pay $1 for a company who is continually evaluating and discussing possible revenue generating acquisitions.

The letter was vaguely informative yet not unexpected. Pohl never even mentioned Swartz...anyone surprised?...after all it is his boss. TPL continues to impress engaging 200 responses from infringers, although, I am getting somewhat disappointed with the licensing rates not increasing as much as I would like. TPL along with the MMP portfolio is proving to be a very valuable asset. I just wish I could say the same about Patriot and out leaders.