InterDigital Inc (IDCC)

[j70k]

FWIW-Since no one knows where we are in the SA process, except that we are approaching the 5 month mark, it seems improbabale to me that business as usual is even an option. To me the default option is going private at a price north of the bond conversion provision. I believe that this is the floor price that IDCC would accept, but only if it was allowed to continue in tact as a going concern. The bond coversion price wasn't picked out of thin air, and I wouldn't be surprised if Evercore/Barclays has a private equity group lined up to go private if negotiations don't meet the asking price of IDCC. I also wouldn't be surprised if a part of the holdup in negotiations, is keeping the company in tact as a wholly owned subsidiary or the like. However this plays out, I can't see Evercore/Barclays coming out empty handed, and if the current wireless players are foolish enough to let this go private, then they will get exactly what they deserve. JMO