SEC filing just came out a couple days ago. Apparently, our new lawyer shareholder Anthony Hates purchased a huge 26.3% stake in the company because he was interested in their patents. According to the SEC filing, Anthony Hates will work for MCAP for only $1 a year. He will review the patents, and work on completing licensing agreements for them or selling them outright. His law firm will only be paid if the company either wins a lawsuit, enters into a licensing agreement, or sells the patents. The split is 75% of net proceeds going to MCAP and the remaining 25% going to the law firm Atwater Partners of Texas LLC. One quick google search on Atwater Partners shows they have sued several huge technology firms, including Ericsson, Nokia, AT&T, and Alcatel-Lucent. Very very interesting. With one major licensing agreement or patent sale, this could absolutely skyrocket...only 5.6 million shares outstanding. A shame the spread is so ridiculous right now, 3.7 cent bid and 1 dollar ask.
Back in the day this company sued Oracle for $500 million. They also sued Ebay and Skype, and settled with them for $2.3 million a few years ago. Will be interesting to see what comes of this...
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