Replies to post #109547 on InterDigital Inc (IDCC)

[SSALNER]

Is his first name Frank or Chicken?

ssalner

[Corp_Buyer]

Marsala: "We value IDCC shares based on a discounted free cash flow methodology. Our estimates reflect current paying licensees and also include Nokia and Samsung starting in 2005 at the low end of the amounts expected by the company. The result of our discounted cash flow model is an end of 2005 valuation of $20." -

Marsala, like other analysts, is basing his valuation on forecasted cash flow. Unfortunately, his disappointing result of $20 per share reflects the following factors, ALL of which are under the control of IDCC's BoD, lead by HC:

* 80% jacked up operating cost structure in the just the last two years;
* Invention and implementation of the very expensive new LTCP compensation plans;
* $25M (est.) in new LTCP grants to just the top 100 folks since early in 2004;
* Excessive compensation, especially for Directors and management;
* Dilution from excessive ISO grants over many years;

Vote WITHHOLD on the reelection of HC;

Vote FOR the shareholder proposal to declassify the BoD and elect directors annually.

MO,
Corp_Buyer