Finjan Holdings Inc (FNJN)

[lbcb123]

That was obviously his first conference call. There was nothing new and there were a few red flags I caught. As you mentioned, the Blue Coat payment is a biggie concern. They don't even have a date yet for oral arguments and now guided those should come "this year". It will probably be 6 to 8 months after this before they get paid. Along with the fact many awards get reduced during the appeal process, it is now looking like whatever they get won't be until 2018.

CybeRisk was supposed to be a big thing for them and then its top guy bolted and it has done nothing since. They still have just 12 employees and aren't searching for more to do the CybeRisk services so that has basically fizzled out. After stating multiple times last year that Gen4 of the browser would be out in Q4 of 2017, it is delayed over and over. They keep missing deadlines on their business units and they will always be viewed as a patent troll by the market until they get recurring revenue.

There is promise here for the future, but they no longer state they expect Blue Coat revenue in 2017. I believe there will be a much cheaper entry point this year and it won't be until next year when(if) thy breakout. I don't think it will retrace to $1.10 like after last year's pump campaign, but I think $1.50 - $1.70 is likely. Keep it real, stick around and prosper. What inevitably follows the pump...?