XpresSpa Group Inc (XSPA)

[coolerheadsprevail]

@flyersdh,

So that we are not talking apples and oranges here, would you mind elaborating on what criteria/assumptions you are using in defining what you view as the "consensus bull" outcome? For example:

* Are you assuming a 3.5% RR based on a 20.9% base? Or are you using 5.0% or 7.0% as your "bull" scenario? Same w/the base: Please confirm that you are not applying some uber-bullish base of higher than 20.9%. Reason is that I believe that most investors are expecting 3.5% of 20.9%.

* Are you assuming that the GOOG award is already fully-priced in and that the current sp simply reflects a discount due to the time factor? Reason is that I believe that most investors believe that the sp also reflects a heavy discount due to uncertainty and doubt.

* Are you assuming that, upon JJ ruling on the RR & royalty base, the market will not reward VRNG w/any multiples on their award from GOOG? Reason is that w/a proven ability to monetize their patents, specifically 420/664, I believe that most investors believe that their pipeline of enforcement actions against ZTE (3 suits) and now MSFT (specifically related to the now-proven 420/664 patents) will warrant at least a modest multiple -- and even a multiple as measly as 2, I struggle to see how the sp does not break the $5-$6 level that you project.

To be clear, I am not disputing your thesis. I only wish to better understand the premises you are using and reconcile it with my own. To the extent my facts are incorrect then I will revise them. But to the extent the premises are simply based upon differences of opinion, then that will be important to know as well.

tia.