I think Chet and Marcie Brown are trying to out-Leckrone Leckrone! lol
Reading through the filings, of which there are more today, it appears as though there may be enough inconsistencies and technicalities, and even possible judicial error, that TPL might get a new trial. I'm not holding my breath, but I'm more optimistic about it than I was yesterday.
The bottom line for me is that Chet and Marcie Brown are trying to take advantage of the poor documentation and the fact that TPL stiffed them for money that they were truly owed, and now get MORE than they were actually due, and the court so far has allowed it. They rely on the fact that there was not a written agreement when TPL tried to spin off Intellasys to Moore, Brown, Bailey et al, that said he agreed to waive his MMP money due in exchange for a bigger stake in the spin off.
While that seems solid and that he never waived what TPL owed him, it's also VERY clear to me at least, that there is no doubt Chet Brown NEVER expected to get 3.5% of PTSC's portion of MMP licenses. I fully believe that he realized that post merger with PTSC, TPL would only get a portion of the proceeds of licenses, and that he would get his 3.5% of that portion only.
Unfortunately like pretty much everything else with Leckrone and PTSC, it's less than complete and thorough. Today's filings have a more complete record from Felcyn's testimony and she indicates she had no knowledge of Brown & TPL's agreement until 2009. Clearly Brown knew of the merger and was involved in those talks. He realized half of the license money belonged to PTSC and he had NO agreement with PTSC. While PTSC was apparently unaware that Brown had an interest in the MMP proceeds, it seems true that TPL and PTSC failed to get language that handled Brown's MMP proceeds. However, conversely, it was clear that PTSC was a new player to the MMP table with respect to Brown's agreement with TPL. He knew about the merger and the details of the merger. If he expected half of our share he's a sharp enough business guy to know that he would have to have gotten an amendment himself to secure 3.5% of PTSC's MMP proceeds. That he didn't do that, IMO, clearly shows that his understanding and expectation was always that he would get 3.5% of what TPL's gross take of the MMP share was.
It's a bit of Leckrone like dirty dealing, IMO, to remain hush hush on his interests in the face of PTSC, knowing that they were merging their interests and to now rely on the technicality that TPL was the sole "licensing agent" that forged the licenses with the infringers, even though they're clearly not the only party to the license since PTSC also has ownership of the licenses.
I don't blame him for pushing the envelope based on what TPL's done to him, but at the same time, he's in the wrong as far as PTSC shareholders are concerned, IMO, so I only go so far with him.
For the conspracy theorists out there, considering the Brown's long standing relationship with Leckrone, maybe this was the Leckrone/Brown plan all along to get even more of the MMP share from PTSC! lolol
I just hope TPL gets the cour to agree that the $$ amount that Brown's portion should be calculated from should be ONLY the amount TPL collected from PDS for expenses, and the amount TPL got as their 50/50 split with PTSC of the net profit. By my quick calculations, that would be about $187M or so, and Brown would get 3.5% of that which is $6.5M of which apparently TPL DID pay $1.7M already. So the balance due would only be $4.8M plus whatever interest he's due on that amount. Obviously, that payment should come only from TPL, and I hope that the court sees that as the correct resolution and that PTSC refuses to contribute a penny toward satisfying that TPL debt.
IMO, that's what Brown should agree to and keep himself above the level of Leckrone.
