Part 2
posted on
Dec 01, 2011 11:15AM
Perhaps if Carl (10yrs) and Gloria (9yrs), after all those years on the BOD (and associated with the company even longer), owned substantially more than the tiny .003 of PTSC's Outstanding Shares, investors might think they cared more if the company succeeded as a stock investment; but their modest 1.3M total shares when compared to their cash compensation perhaps gives a better indication of the level of their "care". Are you aware that Carl and Gloria (both on the Compensation Committee) have paid themselves a combined $1.2M in cash alone since early 2006 ? In just those 5-6 years, that's over 12 times today's value of the PTSC holdings they've acquired over their long years on the BOD, and by my calculations off the Form 4 filings going back to 2003, approx 6 times the actual cost of their purchased stock combined. http://www.secform4.com/insider-trading/... .
It's a slap in the face to Shareholders and disregard for the seriousness of company's crisis under their leadership (read the financials and warnings in our SEC disclosures) that Carl and Gloria continue to take this type of undeserving and performance detached compensation; and gave that unfathomable, outrageous and what appears to be non-prorated $148,000 cash bonus to Cliff for FY 2010; and a separate additional $62,500 bonus paid him in July 2010 as well. If that $62,500 July bonus was for FY 2009, that would be in addition to yet another $50,000 cash bonus he received for FY 2009. Their self benefit and pay levels are an outrage, especially when most every M&A decision has been a colossial financial failure, they have run up massive losses, we were in survival litigation with our JV partner, they demonstrate little confidence besides occasional lip service, and equally important, haven't personally spent one penny of their PTSC cash pay on company Stock or Options in years; including during the periods in which we promoted or announced : PRs about Patent strength and USPTO validation after mutiple Reexams, PDSG clients and opportunities, more MMP licensing, a PDSG pie chart indicating revenue percentages dwarfing the MMP's (pie chart just removed in the last few weeks), a "profitable" Crossflow forecast, announcements of acquisitions to enhance and expand PDSG, the German Federal Patent Court upholding our MMP, "leveraging our capital resources", "the market timing for Crossflo’s technology could not be better", multiple MMP licenses, PTSC does Investor presentations, "at this time, we do not anticipate the necessity to further fund Phoenix Digital Solutions, or PDS", retention of Imperial Capital, Crossflow's GSA Contract Award, the NIEM Presentation, retaining the Greg Baroni Co (and their glowing remarks about Crossflow's technology), retaining Eclat Consulting, "reaffirming our core focus", declaring "excellent results of the recent CDX technology evaluation which included the reassessment of CDX as a core driver for maximizing shareholder value", the Chief Executive search for someone with "appropriate industry expertise" to accelerate PDSG growth, the next generation of Crossflow's new CDX Exchange Builder, more MMP Licenses, PDSG signs a Reseller Agreement with SRA, success with PDSG's "Go-To market Stategy", more MMP licenses, divestiture of cash draining activities, more MMP ReExam Validations, substantial increase in capital for MMP licensing and prosecution efforts, "recognition in the strength growing confidence in the MMP", PTSC gets more MMP oversight, the Open CDX Community, more market adoption of our CDX, more MMP licenses, engaging Strategic Equity Group to seek a transactional opportunity where the value of PDSG may be realized ..... Through all of these positively presented and positively spun corporate developments in the past 3 years ... NOT ONE SINGLE STOCK or OPTION PURCHASE.