Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Penaki,
LOL I think we are probably watching the same two cases. I also have Pacer and thank you a ton for getting info out. I will actually see if you posted before me from now on. I guess we will have the best court doc coverage. I normally forward docs to cooler and post as they are our resident legal interpreters. Thanks again.
Cooler/Post
I am very interested in your interpretations of the emails on 7/31. It is quite interesting how they went from first name to Bascom attorney addressing his adversary as "Counsel". What was also interesting was the exchange from Hannah (Kramer Levin) to FB attorneys disputing his contentions of what actually happened at the last court meeting. I hope to see that word Proposed changed to Ordered in next couple of days. I look forward to your responses as these docs seem to really open up where we are in the litigation "thought" process I think. At a minimal, there appears to be some posturing going on. TIA
New pacer.....
Whoaaaaa These guys blasted the court and GB/LNKD. Cooler they are now in your email. As usual I will leave for the legal guys to make the decision on how to present but just reading the main doc here is the outline:
This is Verbatim in print and statement:
1. THERE IS NO GOOD REASON TO VACATE THE CLAIM CONSTRUCTION DATES PREVIOUSLY SET BY THE COURT.
A. The salesforce case has been dismissed.
B. Counsel for Bascom never asked for more time.
c. Defendants have no good cause for delay.
2. THE DATES SET BY THE COURT SHOULD BE REINSTATED.
If there was any doubt whether they are ready to fight these 33 pages in my opinion answer that question. Now it will be interesting to see how the court rules.
Trader...
This thing has basically traded 100 shares at 1.66 every 60-90 seconds all day long. When some real buys/sells come in they move it around for about 15 seconds and then go back to the same thing. Any thoughts for the student? LOL
Probably just a response to GOOG on 8/2
I think it hit in the last hour. I know you have JJ and a few others that are more familiar. Just wanted to send a courtesy over here to let them know. Trust me when I say I am the furthest thing from a legal anything in regards to this stuff.
Pacer Doc Just out
Filed & Entered: 08/08/2013
Response in Support of Motion
Docket Text: RESPONSE in Support re [958] MOTION for Leave to File Notice of Supplemental Authority filed by I/P Engine, Inc.. (Attachments: # (1) Exhibit A)(Sherwood, Jeffrey
I do not own VRNG so this is for one of your legal guys to explain as I am a DSS holder and this was another I check occasionally. GLTA
One jolt of buys will knock this thing through that 1.70 barrier. It has found a strong line of support since 10:00AM yesterday at the 1.67 level. Still half the day to go. And I am back on the bash the SA crew again, for the life of me why they put out articles that have nothing to do with nothing is beyond me. I appreciate cooler at least trying to set the place straight. I like our nice quiet little DSS as I think the CC sets the tone. 1.64-1.70 is where most of the buying took place so we shouldn't see an exodus now until another move.
Trader,
This action looks eerily familiar to me.
We will know on 8/31 as that is the day after the CMC that it should be posted on PACER.
BT,
I leave it up to Cooler and Post to clarify the legal stuff and generally they are walking me through when they can. In regards to the Salesforce reference, it was probably just included because at the time of the request SF was still included. On the surface it looks like possible Markman delay but in all the docs FB lawyers are saying they think it could move faster with new attorneys because they felt that Kramer Levin was very uncooperative and adversarial. (Perhaps a reasoon the new guys were brought on to get this thing moving) I have all the recent court docs and although I am sure they want to delay, the fact is DSS attorneys have yet to give the court many required processes also. Its a two way street but I guess you guys that have been through these IP plays know better than I. They also plan a face to face before the 8/30 CMC. We shall see. In the meantime I want to move this based on business and add on litigation as we move forward. JMHO (I know even I am getting to believe I sound like a friggn pumper). I'll find something controversial for the Rant on Sunday. LOL
Cooler
Actual DOC sent. It is as Penaki has stated.
Penaki,
This document relates to LR-3 and LR-4. It does not state that Markman case has been delayed. What has been done with the dropping of the Salesforce case has made sure that if delayed it will be a short time. I am also willing to bet it will be decided by what the Bascom attorneys want not FB/LNKD. Once again, I realize many people want to see a 100, 200, 300% gain during pre-markman. I am somewhat confused on an IP investment, that for a change does not rely on one binary event. These cases can continue for years. This Litigation goes after the very fabric of social media. This suit is bigger than FB and LNKD. VRNG WON their case in court and and 9 months later they still wait. I can go company to company in the IP sector with the same result. Heck the trial isn't scheduled until 9/2014 right now. What happens between Markman and then.? I have spoken to the company regarding changing of the attorneys. Please feel free to call Peter Salkowski at the Blueshirt Group and I am sure you will get the answer you seek. I do not mean to sound like I am preaching or defending, I truly appreciate your posting the doc. However, I just see many non attorneys (myself included) trying to understand why something is done. I guess the large amount of DD I have completed (which you can verify on this thread) would preclude me to not be as concerned as my investments are not done on a seminal event. I have a sizable position and thanks to the last two days I am in the green. Like I said in earlier post, I am not going to wonder or try and figure anything out until CC. Then I may think differently. And my friends, that could be one heck of a Sunday night Rant after that CC. LOL I have been here from 3.65-1.38, Pre-merger, post merger, share dumps and no news as have several others. I think we all came here to make money long and short term.
Thanks Trader....
I never worry about the manipulation side as that is what markets do. It is very interesting nonetheless. Thanks for the input. If we have another 1M volume day this will be very positive. I didn't realize we have only had 5 such days this year and this is the first positive one. GL
Trader
If we break 1.74 early it will do exactly as today and crack mid 1.80s. I think there are some good catalysts in the short term and they are going to start with that CC IMO. Everyone has started realizing that Legacy DSS is irrelevant and the new management have a golden opportunity now. If we break the mid 1.80s tomorrow then I don't think we get back under 1.65. There just is absolutely no reason that this stock shouldn't break and stay above 2.50 regardless of Markman. Basically we have a debt free company, have cash, Have revenue and most importantly have IP. By these valuations the street is basically saying the IP has no value and cash/debt position is irrelevant. What has been good also is our board has been devoid of P&Ders. PLUS the move has occurred with no news. I will be very interested at open. GL
Trader,
Thanks a ton. I have charted this thing and since today is the 2nd day that we have had volume and PPS increase in an orderly manner I am hoping the large dumps are a thing of the past. I was finally able to chart it where I was comfortable. For the past two days it has reacted and traded exactly how it was supposed to. What was interesting was that the climb occurred in the first 7 minutes. From 9:37 to close it stayed exactly in the 1.67-1.69 range with an occasional 1.66/1.70. On a side note. What does it mean when an individual puts a buy order in at the bid price and using DSS as an example: B/A 1.67 and 1.68 and the trade (buy) is executed on the BID but the B/A doesn't move. Just curious as I am trying to add to a new skill set. By the way, the chart side looks great.
I am waiting for the trader to let us know what it looked like today. Hopefully he will say the selling that was going on has diminished and we are starting to return to some normalcy. (haven't had that in quite awhile)
Cooler,
I agree with everything in your post. I am actually relieved that this has occurred! Let me explain why.
1. FB/LNKD have hammered the judge for an extension (Which Bascom has not agreed to) on Judge Spero's timeline regarding two upcoming deadlines. They have relied on two points in their claim to reschedule: The biggest one I thought was the grouping of the Salesforce litigation into the two pending cases. The second piece was that there was new counsel and they "FB/LNKD" feel that due to their entry, more time was needed.
Surprisingly in their complaint (FB/LNKD) it was stated "BASCOM has refused to stipulate to the request".
It also stated: "Critically, the court should only have to conduct a single Markman proceeding, not two on the same patents a few months apart."
To me BASCOM is saying they are ready to probably proceed and that they are taking away the Salesforce obstacle. This is great news IMHO.
I also like the thought that Salesforce knows DSS/Bascom is coming for them at some point. I am almost willing to bet they settle this earlier, especially if Bascom has a successful Markman against FB/LNKD. Perhaps similar to the case that was never filed in their last 10Q. They absolutely know why this was pulled IMO.
The key and I will watch on PACER for any update is the scheduled 8/11 joint construction statement date. (Pat L.R. 4-3) Bascom has refused to agree to change. It now appears that FB/LNKD are stuck without a paddle. Although we don't know the plan, I would assume the same firm that created that Salesforce document is intimately familiar with the FB/LNKD litigation. I think this should take a lot of the uncertainty and move us back up to 75% 10/2 Markman vice the 30% I thought when they filed the new case. Be interested to see everyone's thoughts but to me this is very good news. GL
Cooler-Check email.
Trader
Just heading out again. Is that accumulation or sales on that 1.68? I just saw numbers but don't have time to really look. I'll check later in the day. These docs are brutal. LOl All is well in DSS land.
Cooler-Spot On....
I think we can.....
Put the settlement question to rest. I am just happy it was settled. That implies guilt. Straight from the company.
"While I can confirm that a settlement has been reached with Novell (evidenced by the court's dismissal of the case), DSS management, along with input from their legal counsel, have determined that a press release announcing this settlement is something the Company is not allowed to do under the terms of the agreement. This decision to not publish any details of the settlement by the Company is based on the terms of the agreement reached with Novell and, according to legal counsel, in accordance with SEC reporting requirements for this specific event."
And we all know what I think of SA but this part is legitimate information IMHO. Remember LTG was a private company unlike DSS which is public. See everyone in the afternoon.
On a DD roll tonight....
I for one kind of brushed off salesforce litigation as a small suit. However I think it has the potential to be a rather large suit. If the initial filing is any indication (235 pages vs 135 pages for Novell) they just might be loaded for bull. Basically Salesforce.com does almost all their business through their website. (Cloud). Bascom specifically went after the website and the "Chatter" product. This really could be considerable to DSS.
This came from their 10Q in may in regards to an unknown NPE (Not DSS) legal proceeding:
"In the ordinary course of business, the Company is involved in various legal proceedings and claims related to alleged infringement of third-party patents and other intellectual property rights, commercial, labor and employment, wage and hour, and other claims. We have been, and may in the future be, put on notice and/or sued by third parties for alleged infringement of their proprietary rights, including patent infringement. For example, we received a notice from a large non-practicing entity several quarters ago alleging that we infringed upon certain of its patents. While no litigation was ever filed, in May 2013 we entered into a multi-year license agreement with that non-practicing entity. During the first quarter of fiscal 2014, the Company recorded approximately $8.0 million of expense for the portion of the license agreement related to prior periods."
AKA: Penalty!
Cooler or Post are better figuring out who this might be.
For a comparison Krmaer Levin filed the initial complaint that was 201 pages long for FB and and the new guys just filed 235 pages for SF. Probably means little but if these new guys are as thorough as they seem I am feeling pretty good.
I think I am caught up on my weekly required DD. Obviously I am feeling better. LOL
For Cooler....
Since you like these things. LOL
In our original suit against BVSN we specifically identified the "Clearvale" product line as the infringing product. Here is a statement from their 10Q in May:
"We initially released Clearvale in 2009 and have recently integrated Clearvale’s social and mobile capabilities into BroadVision 9, a new solution we announced at the beginning of 2013. We have been actively enhancing Clearvale and adding editions such as Clearvale Enterprise, Clearvale PaasPort and Clearvale Express. We have spent significant resources in developing these offerings and training our employees to implement and support the offerings, and we plan to add additional sales and marketing resources to support these new products, services and technologies."
Link to 8K 7/31:
http://www.sec.gov/Archives/edgar/data/920448/000092044813000046/bvsn-20130731ex991662629.htm
Statement:
"License revenue for the second quarter of 2013 was $1.4 million, compared with $1.6 million for the prior quarter and $1.2 million for the comparable quarter of 2012. The majority of the second quarter license and subscription revenue was generated from the company's BroadVision® Business Agility Suite™, Commerce Agility Suite™, QuickSilver™, and Clearvale® solutions. Revenue during the quarter was generated from sales to both new and existing customers such as Agile China, Allpku Management Consultants Ltd., The Barnet Group, BondPR Worldwide, Boone Group, Double J Development LLC, i2i benefits, The I-Consulting Group, Italiaonline S.r.l., Scheugenpflug AG, SINA Corporation, Zambon SpA, and several other brand-name global customers"
Institutional Ownership....
Excluding IPNAV/Hudson Bay Escrow.
For the last two quarters the average institutional ownership of DSS 13D/F/G filers has been 1,325,160 shares. (6%)
Since most institutions report after the middle of the month we already have the following:
Group One Trading just increase their holdings from 8K to 156K
Barry Honig Reported: 2.6M shares
Commonwealth Equity Services: 20,000
Ronaldi/Hardigan: 180K
Which means the 4 blocks above account for 7% ownership of the new float even before the rest of the institutions complete their filings.
I will be watching for Hudson Bay and Vanguard once they come out as they were the biggest holders.
Throwing in that 5M escrow it would be: 17% of Total O/S. (These do not have to be registered but must be considered when taking O/S into consideration.
There has been no insider trading recorded since merger announcement. Fagenson and Bdzick alone own 1.4M shares.
Just more dribble for you to consider. I have to admit I am liking that the float is probably in the neighborhood of only 32M based just upon potential shares that just won't be traded.
A little updated DD...
When I am bored I like to rummage through the prospectus for little nuggets that might be worth adding to your DD that may have been missed on first go around. There also seems to be some question as to those $5 shares in escrow by new board members. I will try and break the numbers down to the best of my ability. Once that Quarterly is out it will be much easier. I will base it on my numbers from 8K filed post merger. (FinViz has a higher float number 40,300,000)
On 7/2 per the 8K there were a total of 45,367,875 shares post merger.
7.1M were escrowed:
My total float would be 38,266,942 Shares.
Lets look at the major owners of that 7.1M shares:(approx 5M)
Hudson Bay =2.4M ($12M)
IPNAV=1.87M ($9.3M)
Honig=827K ($4.1M)
Now I am not the smartest guy but I do not see any of these 3 passing on this amount of money.
In case you want to know who the placement agent was for the merger: Dawson James (LOL)
Two items of note in what Lexington saw would need to take place post merger was:
1. Capital raise to purchase IP acquisitions.
2. Joint venture agreement in place with Linkspace for opportunities in the healthcare market.
Not to drive my fellow longs nuts but I just don't expect the company to give us any details on the Novell litigation other than it was settled. This is not a bad thing and we will be able to figure it out after 3Q.
If the loss for legacy DSS is $1m or less I consider that a win and a great jump off for the rest of the year. Like I said, these guys couldn't manage the shoes in their closet and we finally have a solid mgmt team in place.
As trader said, this CC is key for the remainder.
GL
Noler,
I hate to even use the TA word here as you know. I picked resistance at 1.49 and Surfer who is much better as we know picked 1.51 LOL I will let him post his chart but the Surfer thinks the next resistance will be 1.61. Obviously you know how we go here. The difference to me today was that I saw a ton of afternoon buying. I would guess that the way most traders are going to play this is: They bought in at the 1.39-1.41 range today and will look at that 1.61 resistance as next logical exit point. The good thing is that this really hasn't been a "trader" stock for awhile and I think that most of the action is people thinking it has to move from here. Earning report is also a good enough reason for traders to come and say hello. I am sure trader can give us all his critique from trading side though.
Surfer...
I don't want to jinx myself but we broke that headache resistance level and look to be on track for your next target IMO.
Trader,
Took about 2.5 hours. It was a limit and a bigger size order. I hate myself since i reverted to my TA and I am taking a stand! LOL I believe in these guys and will just let the cards fall where they may. (God I sound like a pumper!!!)
Cooler
Its not like they don't have the shares. LOL And short is not a problem so I can't figure it out. Probably just breaking my onions trying to get me to change order so they could make more!
Normally orders are filled fairly quickly even if they show it on the tape as many different pieces. What was unusual to me is that it took about 2 hours to fill. Thats what a stock that trades about 50K a day trades at.
Trader
Agreed. I can't take SA! The ONLY report that has been accurate and detailed has been the JP Moreno report. They need to call them!
IR
Peter Salkowski at Blueshirt group is head IR for DSS. He will answer any questions you may have to the best of his ability. Most of that article is based from his conversation with IR from what I see. The CC is my flag pole. However, when this thing decides to g I think it will be interesting.
Trader
Man I had a large order in and it took most of the day to get filled. They broke it up from what I see into about 15 trades. Very unusual. Thoughts?
Looks like some nice buying at 1.50. Of course one day does not make a trend as we know. LOL Lets see how we close since we broke that 1.49 resistance level.
New Board member:
Dr. Arthur Elliot
http://www.businesswire.com/news/home/20100805005500/en/Arthur-Y.-Elliott-PhD-Joins-iBio%E2%80%99s-Board
Just got his 60K shares at .52
http://www.sec.gov/Archives/edgar/data/1420720/000114420413043028/xslF345X03/form461530_20130805045252-.xml
Street,
Its a settlement. I guess it just means they added some cash to the bottom line. My guess is that they did not want the RR% revealed due to pending litigation. I am sure it will come up on the CC and we will hear that due to NDA they cannot say. I just think we have to deal with that. I really believe that the CC is the beginning and we will be able to start the clock on new management. Also the company is the only one that decides whether it is material to the company bottom line. For some reason I remember on last CC that Peter Hardigan was emphatic that we keep an eye on PACER regarding pending legal activity. Maybe he knew then that the company would not put out info. I am long and when I see this move I will buy much more. GL
Surf
Just follow EDGX/CINN they are the key. They have been trying tobuy and no one is selling. LOL
There was little resistance after 2.45