This is NOT a new thought. This has been brought up several times over the last few years. Per the filings from the time of the M.A. CJ and Pohl were handsomely rewarded as was Felcyn, for their "efforts" in making the deal.
Despite years of shareholders bringing the obvious to their attention, and their assurances that things were in line, that they had proper oversight of the Alliacense/TPL expenses and the proper division thereof, and that the M.A. arrangements, despite their TPL favored weight through the "Independent Manager" on the PDS Management Committee, were serving them well, it took four years for them to take action on these things.
I'm glad to see it, but considering CJ appears to have been part and parcel to the agreement, and the negotiation thereof, and the key player for PTSC with PDS for at least 2 years, where he should have been bird-dogging to prevent the very things PTSC is now suing over, it's not confidence inspiring, to me at least, that we'll have a great shot at a positive resolution to this mess. As I have stated in the past, the cynic in me says that once these transgressions became documented in legal filings, the exposure to this BOD, and management team escalated to the point where they had to act. Not because THEY now had proof, but because WE (shareholders) now had proof.
Nonetheless, all things considered, it's better now then never, and even if it's too little too late, it has to be done. As I related to some in PM's as things developed over the last year, my fear was that Lecky was positioning himself/TPL to secure the MMP for them alone or to use it as a tool to benefit disproportionately. I don't know if that's ultimatey accurate surmisal, but it sure seems to point to PTSC fearing likewise and thus their willingness to go to the mat on these long standing issues.
If CJ is worth anything to PTSC, then this situation will be his opportunity to prove it. Despite my misgivings, and lack of confidence in this BOD, I'm pulling for them to pull this out. I know some here feel Leckrone is on the ropes, but I sure am hesitant to believe he's not out ahead of this and prepared for the battle. I'd love to see that proven incorrect, and see him pay for the arrogance and questionable dealings that seem apparent. Despite the pain it will likely cause us as shareholders, this will prove interesting theater, if nothing else.
As for the future, with allegations like constructive fraud, unjust enrichment, aiding and abetting breach of fiduciary duty, etc., I don't know how you go back to working with a partner that you believe is guilty of those things. It would be kind of like Elin Nordgen taking Tiger back after his betrayals. And in this case, it was a marriage of convenience, not of love. IMO, the relationship is irreconcialable based on the actions taken. I guess we'll see, but I certainly couldn't work with someone of whom I believed such things.
Ultimately, the question I and others have asked over the years, that of if it turns out the M.A. is defective and doesn't properly protect PTSC, and if CJ and Pohl were largely responsible for it, who does PTSC then hold responsible, and seek remedy from? For now, I'll be optimistic, and hope that considering the type of lopsided benefits that Swartz was able to obtain from PTSC, I'll hope that CJ similarly protected PTSC from TPL and that we'll ultimately prevail, and that this hasn't been undertaken to protect the BOD and insiders.
