Your last paragraph is worth delving into a bit. It didn't add up for me either, but then maybe its some new math. From RG's prior letter.

<I am, as we all are, frustrated and concerned about the downward direction in the company’s stock, the decline fueled by the current uncertainties affecting the Company’s key asset, the MMP™ portfolio.>

He darn well knows the share price is extremely depressed and probably not going to get any better w/o some good news from the USPTO, which he advises could be months or years away! Was RG really trying to help us out with that comment?

And now he makes no bones about the fact that any full M&A is going to be essentially all stock. Major Major dilution if done at the prices we've seen lately. So why mention it now? Will knowing how he plans to pay for future full M&A going to help the share price either tomorrow or any time thereafter?

I'm hoping those statements have something to do with the ongoing buyback program, because they can't be meant to help the pps. So, maybe a little more forthcoming, but the games continue? All IMHO Opty