InterDigital Inc (IDCC)

[The Count]

Ziploc_1 - I agree with you.

I believe that management was being sincere with us in the CC and that they had legal opinions to back up their optimism. I do not believe that they would have presented one set of opinions for us and then another when they spoke privately to each other.

I believe management was being sincere at the CC, as they have never thrown around specific numbers unless they had very strong reason to believe they were likely to be achieved. I also do not believe (hopefully not naively) they are dishonest. I think they thought that all the pieces were in place and did not anticipate Nokia balking. However, after the CC, Nokia may have indicated some disagreement with IDCC about the application of the ERICY agreement or let IDCC know it was looking at indemnification, and at that point uncertainty entered and selling began. It would be real nice if IDCC would reiterate their confident projections, but there is no upside to them to do so. Part of the standard disclaimer refers to not having a duty to update their position if it changes in the future.