That sure seems reasonable, especially in the current economic environment. My understanding is that P/E (and market cap) SHOULD BE a reflection of intrinsic value - potential. We not only have the potential surrounding the MMP (hurry up PTO!), but also from our other investments, and from our cash and cash equivalents on hand.

While I understand that the average P/E in our sector has probably fallen significantly recently, it seems our prospects are far above "average". As always, it appears that most everything hinges on the re-certs/MMP, our source for (probably) a lot more cash. Cash is obviously king in this economic environment - brings an added meaning to the term "royalties" IMO.

So what's our intrinsic value, our potential? Give us some positive result(s) from the PTO, and it should reveal itself PDQ. Risk elimination (to a very large degree), and revenues (money for nothing, PTSC effort wise) on what should be a large scale. Work those revenues....

JMHO, and I KNOW nuttin'!

SGE