InterDigital could be seeing revenue from Sony in Q1.
If InterDigital's share of the capital investment in the joint venture was contributed by Sony in place of a catch-up cash payment for past Sony and/or Ericsson sales, revenue would still need to be recognized even if cash was not transacted. Look at it like Fra Luca Pacioli might, if an asset is recognized for the joint venture on InterDigital's books there would need to be a corresponding credit, ie. revenue in this case (of course at the end of the day ... I say that because there are likely multiple entries to finally get to the net described "barter" transaction above).
Furthermore, look at it like the IRS would, InterDigital has received a taxable benefit upon the establishment of the joint venture if the capital was contributed by Sony because of past sales therefore there is tax to be paid. If not, forget the Cayman's and Dutch Sandwich's everyone should be paid in joint venture investments (again, the above is probably taxable).
Just how much was contributed by Sony would likely be measurable. The measurement based upon a rate (x unit sales). That rate is likely the same/similar to the contracts with RIM, NEC and probably even Apple (again their issue, from what we know is the unit sales part of the Apple fixed revenue equation). Because it's measurable meets a criteria for revenue recognition. Can't see management doing otherwise with the rate given all the legal action.
Q1 results will be interesting to think about ... in late April! Right now, looking forward to the conference call to get some more "color" on the Sony deal at the end of February which will allow us to know much more about Q1. IMHO.
