Saturday, February 22, 2003 1:58:05 PM
A simple explanation for the filings is that this is the first year PriceWatershouseCoopers (PWC) has audited the financial statements and reviewed preparation of the upcoming SEC Form 10-K for IDCC. PWC probably noted that IDCC had not previously filed as exhibits certain contracts relating to material ongoing sources of recent revenues, as required by SEC rules. Please note that the filings only include contracts with Nokia, NEC and Sharp - the three companies from which IDCC has received significant recent ongoing revenues.
IDCC had probably justified not filing the exhibits before due to confidentiality considerations. Nevertheless, PWC probably insisted that the contracts should have been filed in redacted form (excluding confidential sections) and would have to be included in the 2002 10-K.
IDCC probably decided that actually including the contracts as exhibits to the 10-K would be expensive (think how many copies of the 10-K must be printed and distributed.) A way around actually including the contracts in the 10-K is to incorporate them by reference to another SEC filing. By fling the contract exhibits as an 8-K, very few (if any) hard copies would need to be printed, and the 10-K would merely list the titles of the contracts in its exhibit list together with a reference to the 8-K filing.
IMO, PWC's intervention is the simplest and most likely reason for the filings. Remember, we pretty much all agreed that PWC would require ERICY to include more disclosure concerning the litigation with IDCC and ERICY's related provisions. Well, PWC's insistence on full disclosure would apply to IDCC also and hence the 8-K contract filings.
JMHO,
texb
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