"I think a Shareholder wrote and specifically asked about TPL selling non MMP Licenses at the expense of the cost of MMP licenses, didn't that poster receive a letter from PTSC (and posted it) indicating (my paraphrasing) that his concerns were unfounded and that PTSC was satisfied with the auditing protections."
I did send multiple emails into Investor Relations asking about the audit procedures in place for TPL expenditures, and below is the best I ever got in response (November 2009). I never inquired into the comingling of MMP and non-MMP licenses. Not sure if I am the person you were thinking of or not. Lambert's and I discussed this a while back, so maybe he too received feedback? Hope things are good. Good luck everyone!
XXXXX,
Yes, TPL’s expenses as they pertain to the PDS joint-venture are reviewed by Patriot. The entire financial statements of PDS (revenues, expenses and footnote disclosure) are audited by our independent accountants and a report is issued by them as referenced in our original response below. We hope this now answers your question.
Sincerely,
PTSC Investor Relations
