PTSC has stated it has no intention of funding PDS this year. There's bound to be legal bills that come in that PDS will have to pay, either directly to a law firm or as a reimbursement to TPL/Alliacense. In addition, the PDS auditors have stated that PDS has a "going concern" problem.
So what happens if PDS ends up in bankruptcy. Well, if I remember my bankruptcy law correctly, and I'm sure LL will correct me if I'm wrong, all contracts are null and void (think ComAg). Two questions/problems arise from this thinking. #1 Is PDS legally responsible for the legal bills, or TPL, or PTSC, or everyone jointly. #2 I believe the ComAg is actually between TPL, Moore and PTSC and PDS was created as an result of the ComAg. So is the ComAg agreement null and void if PDS ends up in BK, or does one of the principles of the ComAg have to be in BK. Perhaps a seasoned lawyer could come up with an argument that a PDS BK filing would void the ComAg. Who knows? I sure don't cuz it would require more DD.
