Thanks for looking at those numbers. Corrections, I think:

Divys $33M (416M+ x .08)

Share buyback $20M (?)

Debentures/Warrants $5M (?) I seem to recall that at one point PTSC bought some 50M warrants to clear them out. Don't recall share price at the time, hence my estimate of $25-40M.

Acquisitions $20M (I think this is high but ?)

Attorney fees $15M (?)

Taxes: $125M - $30M = $95M X .45 = $43M (admittedly high, as it's offset by several years operating expenses including those legal fees) Call it $30-35M

Add 'em up, any way you want. I get a low of $123M, even using your $5M for the warrant buyback.

Then add:

Cash on hand, plus ARS and cash equivalents: $16M

Come on people, work this. We should be able to refine these numbers to something pretty close to actual.

SGE