I think the next few months may actually get interesting given all the court dates etc.
This is where the rubber hits the road for a management team that has extracted maximum value for itself and done nothing for shareholders.
Given the following
1. Reality is En Banc and Scotus are low probability, regardless of cause/rationale that VRNG has.
2. My view, this company will need to raise money late Q1 2015 if they cannot get a material settlement from ZTE prior, I believe ZTE is aware of this as well, as anyone can do the math, and as such they will try to drag it out but will have to balance that vs any rulings/injunctions etc.
3. In reality both sides should have incentive in the next few months to get something done on a reasonable basis. VRNG should not want to dilute but then again have shown total disregard for shareholders, and given the misalignment of mgmt comp and shareholder returns, they may very well not care. (ie Pearlman has taken out 10 mil for losing money, does he care if he dilutes, probably not and this is my fear).
But, if the do care about not diluting further, a good ruling vs ZTE for us, and ZTE being aware that IF VRNG dilutes they will dig in even deeper, should lead to a situation where both sides see the value in not swinging for the fences.
Now we see if this management team can actually extract value when it HAS to, or if this company is simply a ponzi scheme for Perlman to take money from our pockets
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