Bushleague, great explanation on how lecky's bk could proceed.
This is all about control as we know.
Lecky has his back against the wall and if the creditors committee legal representation is any good, Lecky should be gone very shortly. Lecky's game may be finally up. It is very common in bk's for those currently in charge to be replaced and reps of the creditors committee to take over the assets and either manage them or liquidate.
All the creditors want is their money with interest. What we want is control of the mmp. Like I said months ago if the ptsc bod had any wherewithal they would have positioned themselves correctly. They are way out of their league now. It was easy for them to sit back and let lecky lead them down a losing path for shareholders and now that with this bk the curtain is open, the ptsc bod look like fools. Ptsc needs to get a consultant who knows their way around the game or we, as shareholders, are going to get slaughtered.
How much does the oh so dishonest lecky owe to the creditors. Does anyone have that number and in the bk docs is their a waterfall analysis.
My gut says Swartz is analyzing the you know what out of this and don't be surprised if he makes a play as part of a takeover effort, that is if he is not in bed with lecky.
This is so sad but there is still a possibility for a decent payday for shareholders of ptsc, but the ptsc board needs to act and act now.
How the heck is this not a material even that ptsc needs to communicate to shareholders. It directly impacts ptsc's only asset. So inept or dishonest, you chose.
