Nice post and I agree with what you've said.  Let me ask you a question.  You spoke with Wolf the other day concerning the issue of a 5 year plan.  In that debate I agreed completely with your position.  I've been part of a major 5 year plan, as a matter of fact, it started 4 years ago and was presented to our BOD as one of our primary objectives.  Of course here we sit 4 years later and I haven't heard the plan mentioned in 3 years.  Things change, that is the only constant in business as we all know.  

Let's take that same logic and apply it to S&L.  We know they have a specific business model and strategy everytime they finance a company.  I'm sure that in a general the financing plans for each deal, at their core, are the same.  The objective is simple, make money.  I owned PPHM almost 2 years before I'd heard of Patriot.  Most certainly, as some have implied with PTSC, ES is in no hurry to get in and get out with financing for Peregrine.  Their board has the same familiar faces we enjoy.  Take a look at the "insider transactions" Swartz has been steadily buying stock for years.  PPHM is so far down the other end of the spectrum from PTSC, in terms of overall health, it's scary.  Yet Swartz stays and continues to scoop up shares on a much greater unknown.

Now if your still following my winding story, here is the point I'm trying to make.  Just like you explained to Wolf, plans are tenative at best.  Mr. Swartz had a plan for PTSC just like every other deal he does except, this time the plans changed in midstream.  As a result he renegotitated his warrant pricing and began immediate conversion.  He found himself involved with a company that may very well be a rags to riches story.  Why in the world would S&L continue to sell that which appears to have great value?  The plans changed and Swartz demonstrated that several times through his varies actions.  Why would he continue to purchase an unknown like PPHM and sell PTSC?  If the guy was interested only in financing and getting out, he sure wouldn't have so many hands in the pot and become so entrenched.  Why do you think he's trying so hard to  dispose of his position?