InterDigital Inc (IDCC)

[Corp_Buyer]

Shareholder PR Release, IMO …

Reading the PR, these are my observations:

* The PR was intentionally very highly complimentary of management and Q1 results: “appreciation for what the management and staff of InterDigital have achieved. As evidenced by the very impressive first quarter 2003 earnings results, these achievements have produced financial strength …”;

* The PR states it was originated by a sincere group of concerned shareholders who are very optimistic about the future potential of the company: "These investors believe deeply in InterDigital and its future.”;

* The obvious intent was to reach the shareholders including those that do not follow our discussions on Ihub;

* The PR points out in a clear and non-controversial way the “aggregate” effect of “repeated requests for additional options” in 2000, 2002, and 2003;

* As for any effect on share price, I am much more concerned about the definite long term negative effect of 50-60% dilution than I am about any speculative temporary effect by this PR (either up or down);

* The PR urges shareholders to vote “NO” on proxy measure #2 and as you know, I agree with this position for the reasons given in the PR (and other reasons).

Regards,
Corp_Buyer