I don't agree with you often, but IMO, you are probably RIGHT ON in the suspicion that Carlton Johnson, David Pohl, Gloria Felcyn, and the rest agreed to the initial deal with Leckrone in order to reward Swartz for his funding, with little regard for what would come after Swartz's exit.
When you consider that TWO LAWYERS (Johnson and Pohl) and a FORENSIC ACCOUNTANT (Felcyn) were PERSONALLY INVOLVED in negotiating the Master and Commercialization Agreements for PTSC, and you read the contract legal language, and the accounting provisions, and you see how OBVIOUS it is that they are written in a fashion that would allow TPL's abusive actions, the only conclusion is that THEY DID IT to allow Swartz to do exactly what he did. And ONCE he did it, they had essentially accomplished their MAIN mission. Their secondary mission was/is to simply PROTECT THEMSELVES from any harm coming form their less than fiduciarily responsible actions. DL obviously understood the game plan, and did exactly as you say, and took full advantage of the control they gave him. Control they gave him possibly with the proverbial nudge and wink!
However, in typical fashion, it wasn't enough for our BOD members / Swartz lackeys to help Swartz increase his price per share, and allow him to unload his warrants. Instead, as they do with their own BOD compensation, they strapped on the feed bag, and decided, SINCE THE COULD, they WOULD also give dividends to the warrant holders, and not just the shareholders. This allowed them to milk the cow for all they could for their own specialized interests without worrying about the shareholders that they should be serving.
The question is WAS/IS THERE COLLUSION between Leckrone, Johnson, Pohl, and Felcyn to set things up in a way that Leckrone could spike the stock through big licensing deals at the beginning, let Swartz exit, and then get start spiking the expenses, so that he could reap his payoff since that time. Did they all and are they still just going through the machinations to appear as though they are fighting DL's abuses, when it was REALLY what they expected from the start, and why they actually forged the language, and failed to properly oversee the execution of the licensing program.
Maybe that's what DL has on them that gets them to tow his line, and keeps them from invoking the nuclear option of going to court and putting it out there for shareholders to see.
