Discovery should be very telling, when comes to who knew what when, within the PTSC & TPL hiarchy.
Shareholders, have been stating something stinks...since when?
Those who support the existing BOD should be outraged!
BOD is in a no win situation;
1. BOD did not know what was going on....(shows incompetency).
2. BOD was aware of TPL actions....(shows incompetency).
WHERE HAS THE BOD OF PTSC BEEN? HOW MANY YEARS OF COMPLACENCY?
The Complaint makes several allegations against TPL and Alliacense, including breach of contract, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, contract interference, constructive fraud, and unjust enrichment, while also seeking declaratory relief over specific contractual disagreements. The Complaint further seeks an accounting of revenues and expenses charged to the PDS joint venture, while also engaging in licensing activities designed to profit TPL at the expense of the interests of PDS and Patriot.
"We had originally felt that discussions aimed at addressing a variety of issues, including the matter related to our April 22, 2010 action and the restructuring of the 2005 agreements that govern the management of the MMP™ Portfolio, represented the best approach to resolving the issues between the parties and for providing continuity to the licensing effort," said Carlton Johnson, Patriot Scientific Corporation's Executive Committee Chairman. "Our position is and remains one in which Patriot would have and maintain an equal or greater voice with all decisions relating to the MMP licensing. Up until now we had deferred making any announcement that a successful renegotiation of the relationship would occur. However, this process has taken far longer than we anticipated and where we were once hopeful that we were close to settling a number of differences, we now intend to vigorously resume the litigation process. We will provide details on the litigation as circumstances permit, however we ask our shareholders to appreciate that we remain under some contractual restrictions in regard to public disclosures pertaining to the MMP™ Portfolio, and we also wish to avoid any public sharing of information that could impair our litigation strategy. We regret having to take these measures, but we believe they are in the best long-term interests of Patriot, its shareholders, and our ownership in the MMP™ Portfolio."
PTSC should have gone to court ...years ago, if they cared for the best long term interets of the shareholder.
Am I way off base.....??? Geez, let see how many months, years is this latest court action going to take place? Wonder if PTSC can sell any license while in court...I think not.
Nevertheless, I am glad at least PTSC is going after improper behaviour of TPL.
glta
Tom
