Wednesday, April 30, 2003 10:21:47 PM
Another line of thought goes down the path of what these same folks would be doing if THEY were the "big dogs eating first" as executives or key employees at InterDigital right now(not a chance, and THAT may be what yanks the underwear IMO). Try picturing one of our "No" voters being in the catbird seat over in KOP helping themselves to more IDCC options. Not too hard to see how that would go after reading how some think IMO.... things like "MORE for ME, it's ALL mine, NONE for those greedy shareholders, we don't need them anymore because we are NEVER gonna have to go to the equity markets again. Screue them!" is what comes to mind. LOL!
Yes, just exactly what the current management is doing for as long as they can get away with it. If they were shareholders they would be voting NO. Greed is what makes capitalism, and if you don't watch out for your share, others will be more than happy to take it. Hopefully it is tempered by reasonableness, proportion, justification, and fairness, but I’m not trusting anyone to choose between him or me getting money if I have a choice.
Got to disagree here, though.
One of my sell signals for a stock is not being comfortable voting in favor of management supported proposals on a proxy. I'm fine, and holding strong so far with what I can see of InterDigital's management judgement, and with the RESULTS THEY HAVE DELIVERED.
What results have they delivered? Settled for penny on the dollar on 2G without getting a 3G contract, just a promise that those fine ethical folks at ERICY will be our friends and play fair from now on. Are you happy with the settlement? They have not licensed much of anything for 3G. Earnings per share are measured in cents, the year before they were red cents. 2003 IDCC will have real earnings, but the recurring portion on which we have undisputed contracts is small and (2G) declining. Those are the RESULTS THEY HAVE DELIVERED. There is the promise of big bucks from Nokia and Samsung, the lure of 3G, the SOC and the Infineon partnership, but they have NOT been delivered. If the above do not come through IDCC is headed to single digits
If you are not making money here now, it ain't the options, the pay scales, the PR activities, or whatever else you might want to blame. You screwed up. Live with it and learn something.
And if you are making money now, it’s not management’s rescuing the company post MOT, getting the NOK contract in 1999, wisely avoiding debt and building a strong balance sheet, it’s because you saw that the market was grossly discounting any chance for IDCC to succeed and you RISKED you own CAPITAL. Ya done good. Enjoy it and don’t feel obligated to further spread your wealth to people who have been fairly paid and received generous option plans all along.
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