Count--We'll just have a disageement on the point. No big deal. I simply think there are many cases in which it's much better to keep cash and maintain one's options open than buy back just because the buyback can be done at better than present price levels.
The field is littered with the bodies of companies who followed that buyback formula in recent years. The fact that a company reduces the number of outstanding shares has been proven in many cases not to have nearly the effect intended, and many other aspects of a company's business are much more determinitive of share value. Some companies bought back stock almost on the way to banckruptcy court. And the lessened liquidity of the company is often counterproductive. As mentioned before, in the present recession it would seem incredibility wrong-headed (to me) to use IDCC's valuable hoped-for pile of cash for a buy-back.
I'm sure the biggies at Interdigital have better things to do than listen to me, but I'd say that we should authorize aditional shares as are necessary, then do a split and HANG ON TO THAT CASH FOR NOW.
And keep all options open as things develop.
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