I have a hard time believing that Merritt would say that InderDigital's patents are "deeper and stronger" than Nortel's if he believed the company would eventually sell for less than $4.5B. He knows that by making that statement he is setting expectations about how valuable he thinks the company and its patents are. I don't think he would want to set those expectations unless he was very confident he could deliver.
If we sell for less than $4.5B, how do you then go back and explain that to your shareholders? "Well yes, I still do think our patents are deeper and stronger than Nortel's, but unfortunately the management team and the partners we hired to explore startegic alternatives were unable to convince the market of that." He wouldn't want to put himself in the position of potentially having to deliver that message. The only logical conclusion is that he had a very strong indication of where the range of offers would eventualy come in and the range is north of $4.5B.
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