InterDigital Inc (IDCC)

[frobinso]

Spencer: I'm speculating, and that genius Olddog can quickly clear this up, but I believe the company bylaws set a limit to the overall outstanding shares - say 100 million. And to increase that number by making a change to the bylaws would take a shareholder vote (which could only be nixed in a vote due to painful memory of managements historical propensity to line their pockets w/shares at the dilution of all shareholder,s interests (i.e. stock compensation program), creating predictible fluries of form 4 insider stock sale disclosures anytime the stock increases (today does not qualify - a non-event)).

However, if a share repurchase program would allow us to get under the threshold to multiply the existing outstanding shares by 2 while still staying within the overall authorized shares allowed in the by-laws, then a 2 for 1 split could be announced, pending shareholder approval, without the need to have the overall number of authorized shares increased in our bylaws(a dilutionary event also subject to shareholder vote, but perhaps w/less chance of approval at this time).

Does any of that make sense? I, for one, hope they are positioning for a stock split.