There are 2 points that came across to me when I read RG's share holder letter that I found worth noting.

1) The fact that RG made a distinction in stating that his team has only been in place for 120 days. To me he is drawing a line between the old "shell management group" that had yet to actually do anything as opposed to his hand picked group who has accomplished a great deal in a short 120 days. i applaud the canning of the old pr team and the progress made on developing alternate revenue streams.

2) I believe that RG's statement:
"I am not satisfied that I have done enough to impress upon our existing shareholders, and potential new investors, the strength of Patriot’s transition story, the strength of our balance sheet, our ability to grow from the solid base of the MMP™ portfolio and the fact that we are beginning to execute to that plan. Ibis will assist me in articulating that message to a broader audience."

is his attempt to stress to the share holder that the company is in a better position that the share price indicates.

I believe we are in capable hands with RG and his team.
teremoto