There is zero confidence in PTSC Leadership, their long documented record of judgement failures, poor money management, investment losses, and minor levels of PTSC stock holdings speaks volume of their performance, what they think of their own abilities, and their private expectations. Those indications, coupled with their disinterest, refusals and unfriendly attitude towards the demands and concerns of Shareholders, will keep any would be investor away from wanting stock in this company. So angry, disappointed, frustrated and distrusting are present stockholders, that positive news events for the past four years have rightly been seen by investors as stock distribution opportunities.
Not withstanding the damaging delays, complications and litigation of the TPL BK, with less than two years remaining on MMP patent protection, this BOD hasn't even had the courage or courtesy to speak to Shareholders on what our corporate business plan is for after September of 2015. Truth is, I doubt they even have one, their time seems to be consumed to trying to clean up past corporate fumbles and formerly nonpublic decisionmaking.
They maintain little interest and motivation to better the worth of Shareholders in non MMP related ways that are entirely within their control, they think it more important to pay the temp (4+ years) CEO a salary and bonuses greater than what they spend on Share buybacks. In 2012 they paid Cliff $457,000 in cash, yet they only spent $124,000 buying back company stock. In 2011 Cliff was paid $313,000, and they only spent $138,000 on buying back company stock. In 2010 they paid Cliff $489,000 in cash, and spent $234,000 on company stock.
If we look at what all three BOD members were paid in just those last 3 years, compared to what they spent on buying back company stock, we have $1,953,000 for their combined pay, vs $496,000 on Share Buybacks. So.. for every 1 dollar they spent to directly increase Shareholder equity (the value of OUR shares), they spent 4 dollars for their own personal pay. I think that makes it pretty damn clear where their priority is for inhouse use of our Shareholder money.
I have seen nothing out of PTSC management that changes our Stock ownership from being a game of muscial chairs for investors. Until/unless there are organizational or leadership changes, I expect nothing but pops and drops. .. until the music stops.
Way to go BOD members, only one more week until your next scheduled $45,000 monthly cash payday .. not including any year end cash bonuses and stock options.
