BlueSkyWaves,
You are repeating your points from an earlier post, which I replied to in the referenced post. If you could explain what I'm missing, I'd appreciate it.
To me, the most compelling argument to vote no is in that post.
How long do you think it will take IDCC to collect royalties of that magnitude? 2-4 years? Consider also how the market would value IDCC if it exits 2003 with at least $200M in sales and $600M-$800M in cash/investement?
Assuming this includes $220M from the exercise of 10M shares I’d say (using rough numbers)
$200M/60M shares O/S x PE of 20 plus est cash above operating requirements of (700M-100M)/60M sh, which equals ~ $66.67 + $10.00 = $76.67 per share
Assuming no option exercise, instead using $10M cash to pay/bonus in place of options, I come up with
$190M/50M shares O/S x PE of 20 plus est cash above operating requirements of (700M-100M -220M-10M)/60M sh, which equals ~ $76.00 + $7.40 = $83.40 per share, about 8.7% more per share.
To me, this shows again why we want to pay in cash, not stock.
$83.40 vs. $76.67 a share. I like management, but I like me, my family and many of the posters here a lot more.
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