I saw nothing "bad" in the rest of the letter. It's all good. And, BTW, I firmly believe Fish is getting an all-cash settlement.

The only thing that bugs me is the lack of any mention re: OS warrants. I believe this was intentional (duh), and when we do hear about it, it'll be a dead issue (i.e., all gone).

As for the timing of the release of the letter, the only logical explanation I can come up with was that it was orchestrated to enable S&L to dump a whole bunch of shares to enable the conversion of a like number of warrants. If this is the correct explanation, as in my last novel, the move was brilliant.

I've recently suggested that PTSC could possibly make the bold move to offer S&L a significant (e.g., 20%) premium to buy out the OS warants from S&L. This delayed letter release move may have in large part essentially accomplished the same result (for S&L), with no out-of-pocket to PTSC. Who else would be "selling the news" with such vigor, bringing us back down, when the news had even hit yet?

But, as always, I KNOW nuttin'! This is just what makes the most sense to me, with the presumption that S&L is compelled to get rid of the warrants now to enhance their longer-term stance.

SGE