I think your global settlement numbers are just grossly undervalued. There are way too many modems in use and have been in use for too long. We sued Cox for $133 million apparently - Comcast alone should be 5-8x that number based on modems in use and the willful infringement exposure they have at trial. That is close to $800 million just between those two and Charter should be about 3x the amount of Cox. That gets us to $1.1 billion there. You can make the argument that they will negotiate this number down considerably but remember there are other companies on the table here with decent amount of infringement. Not to mention they gave up after 2 days at trial and the second day being the meat of the valuation discussion. Seems to me leverage is pretty much evaporated for them here. Another thing to note is that we sued Cox for $133 million yet they did not start rolling out the tech near the time Comcast did or at the rate Comcast did. So quite frankly, Comcast could be 10x or more the Cox number.
I think anything less than $1.5 billion is not even to be discussed unless they take a large discount at the negotiation table for some shady reason.
With that being said there should be no less than $345 million on the table for UOIP shareholders after account for the lawyer fees, Bentham, and CBV. Our lawyers should easily do away with Carter’s cut and also talk about negotiating Bentham’s cut which only means our share goes up from there.
Another topic that’s floated around a lot here was the 1.9 billion shares which I never understood why. I remember who 1.6 billion being maxed out OS and when Carter came in here to UOIP the total outstanding was right about 1 billion as he held about 90% of the OS. So in my opinion the highest number that should be in the bottom of your division equation should be a 1.6 billion and change.
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