"If the BOD wanted to take over the company, they never would have settled with TPL. The Idea is to make the company look worthless and dying without hope."

I agree with what you wrote but I never would believe the BOD per se would buy the company. What I fear is a "super-Lincoln/Swartz" deal behind the scenes again.

With Leckrone bringing in his non-MMP royalties and building a war-chest, and with Swartz probably having made even more over the years, right now about $12M would buy a majority interest in PTSC and TPL could own the whole MMP. THEN you'd see licenses start to flow.

So why would the BOD have settled with TPL? Maybe with an eye on such a transaction and being treated 'nicely' in it. Watch out for them voting for an incentive plan and/or current-cost options exercisable in full in case of a Change in Control or similar event. Another reason for the BOD wanting to stay in place and probably now by default getting "voted" back for another year.