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Message: Re: Let's face the truth - DG, good points but
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Jan 14, 2009 09:45AM
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Jan 14, 2009 12:21PM

GKRichard:

Fair enough. All I offer is another perspective. But I'd like to clarify a few things...

I believe I did not state the items you excerpted from my post as either negative or positive, but as prudent, driven by the forces created by the current economic environment, and partly by our own (PTSC's) hand. Stating these merely as reactions to negatives is too simplistic for me. Firstly, we did not create the financial meltdown. Secondly, I think it is common knowledge that PTSC did not make the best decisions regarding the ARS situation, but then again, neither did many multi-billion dollar companies who apparently received similar investment advice. And now PTSC is, like many of these companies, seeking remedies through litigation for the (alleged) misleading advice provided by Deutsche Bank, that the ARS would be a liquid, cash-like investment vehicle when in fact it turned out to be just the opposite when the house-of-financial-cards fell. My point is that PTSC is not the only company that was caught off-guard, and I am apparently not interested in seeing the responsible party's head on a platter because I (or you or anyone else here on this board, for that matter) could have been the one that took Deutsche Bank's advice had we been the one working in that position at PTSC. So, shrug it off, don't shrug it off, whether it happened years ago or yesterday, my only question to someone who wants to try to change something they cannot change is, "What's the point?" Even though that question sounds harsh and might seem like a challenge, it is not. It is merely presented for you to consider for yourself, as I have done for myself.

I also did not compare GE to PTSC, but rather took the sage advice of a respected, seasoned industry management veteran, who happens to be a former CEO of GE, about what he thought small companies should be doing right now and applied this advice to our situation. Good advice is good advice, no matter what the circumstances are that put you in the position to follow that good advice. I would be seriously concerned if PTSC was not responding by taking action to ensure that their position is not compromised any further in these unprecedented times.

I respect your opinions, and I do not assume to have the power to persuade you one way or another toward mine. Again, all I offer is another opinion in an open public forum. No more, no less. And as prone to cynicism as I can be (perhaps once as hopeless as you...:-)), I have not found much use in it recently.

Good luck to you and everyone else here.

Cheers,

DG

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