I haven't caught up on posts since yesterday afternoon, so this may have already been "observed", but heregoes....

The conditions cited for Rick to have his options vest appear to include all positive contengencies contemplated, even remotely, by the company.  They appear, for the most part, quite specific in their descriptions, though that last contengency cited is vague ("(d) Approval by the board of directors").  The thing I note is that there is not a contengency discussing the possibility of PTSC or its rights to the MMP being sold. 

Though this is a somewhat "loose" observation, the absense of this contengency suggests to me that such action (selling the company or its MMP rights) is not even contemplated.  Further, it suggests that such action, if contemplated, would not justify Rick's vesting of rights to options.  Thus, he has no incentive to pursue or consider such action.

Though some may consider this a rather weak argument, some of the contengencies are quite provocative, and what would we have thought if there were such language in these contingencies?

IMO, the absense speaks volumes in this regard.  Hopefully this observation will end further specualtion along the lines of PTSC being bought out or of PTSC selling its rights to the MMP, to anyone/any entity, including TPL.

JMHO,

SGE