Agoracom

Good letter by Goerner overall; just a couple of points which I wouldn't describe as negative but aren't quite as euphoric as some others:

Good news that Goerner is bidding farewell to Hawk and Hoffman; just think what an outpouring of joy there would have been if, instead of Hawk and Hoffman, he had said goodbye to CJ, GF and HF. I note that, in discussing the change in IR Goerner stated "This way Cliff, Paul and I can provide uniform direction". Does that mean that CJ does not have input? Or does it mean that Goerner understands the level of suspicion with which CJ is viewed and thinks it politic not to mention him?

With regard to "traffic out there", I don't think Goerner was referring specifically to anything said on agoracom. Even the worst here pales in comparison to that currently being posted on Raging Bull. There's a small cabal ruling the roost on Raging Bull who indulge in a constant and unremitting attack on PTSC in general and Goerner in particular. I can't imagine any potential investor taking it seriously but you never know.

In the paragraph pertaining to acquisition, I have to admit to being a bit puzzled that Goerner referred once more to "Patriot’s strong cash position". Is that a reference merely to the fact that Patriot is debt-free and has a few millions sloshing around, albeit far less than there would have been if it hadn't been for divies, or does Goerner know something we don't? Because I wouldn't have thought those few millions plus a bunch of extra-cheap shares would go very far in financing worthwhile M&A. We still need to depend on the MMP, in my view, so please get those license fees flowing again.