I think that the reason we haven't seen a letter yet is because when Rick saw the shareholders reaction, he figured he had to douse the fire so he drafted up a new letter which had to be approved by TPL and maybe also the J3 and this takes time.

I also believe that the money is there but they are researving it for future quarters. The worst thing a company wants is wide swings of earnings from quarter to quarter. We always had to smooth out the earnings so I think they are doing that here also. How many other financial guys can attest to this?