Wilco
Mr. Gercensein made a few statements that the board of directors could not allow to happen. The worst was he planned to give the shareholders a matrix upon which the shareholders could grade the progress of management. This was an impossibility at the time of the making and the BOD decided that he should not continue. While many of us (I am the worst offender) want guidance right here, right now, there are times and companies such as Aapl that certain business deals cannot be put out on the streets. We must realize that the wireless sector is the definition of global business and is comprised of companies who operate under many and varied habits, customs and laws. While we would all like to have fair disclosure on every deal IDCC makes, they have to play by the rules of the wireless sector which have been established by large powerful companies sitting in other countries and jurisdictions.
Matters have loosened up considerably since the Gercenstein days and I believe IDCC is making an effort to be a bit more transparent. However, certain matters such as new products, licensing rates or joint ventures still must remain under the hats because any leaks could trigger actions from several competitors very quickly.
While we are on the subject of forecasting and disclosure, we might as well go over the differences between what Mr. Carpenter can report and what WM can say. Everything that WM says is bullet proof because of the warnings given to the audience concerning forward looking statements prior to his presentation. If WM's statements turn out to be wrong with respect to timing of new licensees or success guidelines for products, it is disappointing and some shareholders might sell their positions. However, while certain qualifications and reservations may be made by Mr. Carpenter, if his report turns out to be wrong, his firm can lose customers and he could lose his job. He has access to several companies in the industry who all are conveying forward looking statements. I am sure that the big companies are saying that they will not pay at all or more than x to IDCC and IDCC is saying that they expect to get y. These big companies remind me of the comedian, Cable Guy, when he says his girlfriend asked him to go get some sanitary napkins and he says "there is no way I would ever go into a store to buy sanitary napkins. So, I went down to the Walgreen's ......." The natural tendency by us sitting in our IDCC letter jackets and listening to "Be True To Your School" is to jump all over Mr. Carpenter's report. I know I was not happy with his last one. However, if he is wrong and IDCC out performs his estimates, it could actually help us in the long run. We should find out soon about Samsung and Aapl who should be selling enough 3g units to reach the 10% reporting number considering the high end prices of their phones.
MO
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