why are they stalling, page-3

It's got me stumped also.

My calcs have direct assets that can be calculated as 39.4 cents per share (fully diluted at 94.3 million shares). That is a gap of $14.5 million compared to current share price of 24 cents. You would expect maybe a few million discount for the shares over the assets but not this much.

I have also not included the options in valuing EFE, so this understates the 39.4 cents even more.

The loyalty options will be worth another 4 cents at current prices.

It a good artitrage opportunity, however my funds are already committed.

EFE had an announcement yesterday about upcoming drilling. EDS copied that release under their announcements. PTS should have done the same, they are over half of EFE.