Brown argued that his agreement with TPL which was in effect prior to the TPL/PTSc agreement was for 3.5% of the gross MMP proceeds. The judge agreed with Brown. I don't know if Patriot was aware of this Brown agreement, however, I don't see how the ComAg between PTSC/TPL has any bearing on this one.
I wonder if part of the settlement agreement between PTSC/TPL in July 2012 included an agreement by PTSC not to sue TPL for not disclosing this Brown agreement. I believe that the ComAg had certain grounds for termination with Bankruptcy being one of them. How convenient that TPL shifted the licensing to PDS so that they were free to file BK without giving PTSC grounds for termination of the ComAg? Am on on or off base here?
Also, with TPL filing bankruptcy, and with Brown's judgment still in effect, will PDS be responsible for paying Brown's judgment? Good reason to slow down the licsening effort and keep up the expenses being paid to TPL, Alliacense and of course those other third parties.
Ron your input would be appreciated
