Thanks for pointing this out, Mark. I hadn't caught that - that's troubling to me too. Makes me feel that Swartz will be back for another round (and I'll bet he's been hoping so too - he made damn good money off Patriot over the years).
I do differ with you in your suggestion JT was let go - IMO, this was his time to exit, reasoning:
1) He had been a consultant to PTSC for a few years before - he knew the players and he was smart enough to know the politics.
2) Patriot can make no forward progress until they know the power of and worth of the patents, which is being defined now - this will play into how much working capital they can generate (thru whole sale of the patents, or though expected rev streams). IMO Turley brought shareholder satisfaction at a point in time where PTSC didn't have much else to offer.
Candidly, I stand by my thoughts that IF this company wants to move forward, they need to do the following:
1) Retain Turley as CTO. My only concern is egos...we can scratch that anyway - he resigned.
2) Define the net worth of the Patents - make an offer to TPL to buy out their 1/2....a Risk, but it breaks Patriot of the TPL influence. Also, TPL (supposedly)
3) Ditch - no, I mean DITCH CJ - but who's going to vote the Chairman off the BOD.
4) Take the lump revenue and scope out resources to rebuild the Ignite tooling.
5) Swartz needs to be managed to a minor role - we're going to see @ 2-3 years of very rough financing waters. VC money will be tough to come by - thats why I like taking a lump payment. Patriot may have to use them for small bridging stuff, but they need to be kept at arms length.
All in passing and JMHO
Regards
