My point was that shareholders were told that the Board of Directors considered different options including discussions with SEC attorneys about a buy back and then decided on the dividend payout.

Unfortunately, we don't know what the discussion options were. I, for one, like to hear both sides of the story. For instance, what was the criteria for deciding against buying shares and instead, to pay dividends?

So, I find it hard to know whether paying the dividend was the best option, or not.


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~...
From PTSC -- 9/20/06
Letter from David Pohl, Chairman and CEO of Patriot Corporation

September 20, 2006

"The Board of Directors carefully considered a number of different options, including discussions with our SEC attorneys about a possible stock buyback program, and finally concluded that the dividend payout was the most prudent thing to do at that time."