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Bill Dalglish

08/17/11 12:36 PM

#331849 RE: The Count #331795

"Disclosure" not necessarily limited to "statements" or "words"

RE: MPartners analyst statement that management has disclosed that the
"process is moving along as planned and that there are multiple bidders."

RE: Investor Relations VP (Janet) saying to you (Count) that "IDCC has not made any comment since the PR."

I believe that comments by IDCC's Janet Point and MPartners Ron Shuttleworth may both be accurate.

One can readily "disclose" something without saying a word!

e.g.:

"The look on little Johnny's face clearly disclosed that he was the one who ate all the cookies I had made for dessert."

"My love for Jeannie was abundantly clear when, in response to her question 'Do you love me, Charlie?' I gave her a romantic kiss."

Deep Throat disclosed exceptionally important information to Bob Woodward (Watergate) while carefully avoiding direct statements.

I personally believe that clarifications are often given to trusted analysts aoart from the formal comments or statements we might associate with the word "disclosure."

Therefore, I consider Ron Shuttlesworth's recent written statement about management disclosing that the "process is moving along as planned and that there are multiple bidders" is a very significant heads up to MPartners clients that indeed the "game is on" and his target price of $118 remains valid, and perhaps even conservative.

Bill Dalglish

dmiller

08/17/11 7:39 PM

#332061 RE: The Count #331795

What a surprise...LOL

Call from Janet Point's office

IDCC has not made any comment since the PR. She did confirm that they are still exploring their options, which may or may not include a sale.