I'm sorry, Loop, but your sense of timing regarding 3G is even worse than your previous sense of the ERICY settlement. Both Nokia and ERICY just disclosed that their network businesses were suffering because carriers kept on pushing out their upgrade plans. That means 3G is going to take longer than expected which means that licensing agreements are also going to take longer than expected. That's fine by me because many people here were wrong to write off IDCC's 2G earnings potential in the first place.
Again, the issue is how IDCC can take advantage of the interim period B-E-F-O-R-E the accounting rule change in early 2004. Assuming IDCC issues all 10M shares, for example, at an exercise price of $22, they stand to generate an extra $220M in cash without running it through their income statement. That's like a secondary offering.
Get over it, Loop. You, Mickey and many others set yourselves up for a fall by expecting too much from the settlement and you're still allowing that disappointment to color your judgement about executive compensation and dilution.
By the way, you do realize that the options that issued before the 3/14/03 ERICY settlement buttressed IDCC's balance sheet and improved its negotiating position, right? And a stronger balance sheet will also improve its 3G negotiating position, right?
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