"Why can't we just let the losers go ...."
Because of laws and rules behind which they are allowed to hide by the government.
We can't "let them go" because (a) they don't want to go and (b) we're not in a position to do so. Even though they take money from PTSC and thus from its shareholders, we do not, per se, employ them, so we can't fire them.
We tried the 'majority vote' approach and they just chuckled and ignored it (and us).
We tried appealing to their collective consciences only to realize they don't have consciences (which is not the same as being unconscious).
The ONLY way to break this impasse is to catch one or more of them in some form of corporate or fiduciary miscreance, mis-use of PTSC funds, collusion to manipulate PTSC stock price, bad faith actions, trangressions of accounting codes, SEC codes, company By-Laws etc etc. It probably wouldn't be too difficult given the deliberate and utter secrecy of their actions, inactions, meetings, discussions, unaudited internal accounting etc.
I am saddened that it seems impossible to find a handful of shareholders willing to work together to look for evidence. One person cannot do it alone, I understand, but 3 or 4 with different skills (eg Accounting, Compliance, Legal etc) could probably do so. PMs welcome.
Taking legal action against PTSC is not the answer. PTSC owns 50% of MMP and that's it. Suing PTSC is like suing ourselves - every dollar PTSC spends in defending or in damages is a dollar less for the value of PTSC. This is why the directors must somehow be found and held accountable in and of themselves and their insurance made to pay whatever they cannot pay from their own assets.
It's time for more investigative resources and faster reactions for the SEC and even greater corporate transparency. The shape of the next goverment may well determine the likelihood of that happening, I would think.
