Art
Mschere has stated that he will not vote yes until 3g licensing is successful. Also, this is not about selling, it is about voting on a proposal.
The only people talking about selling are those that are voting for the proposal. There rational seems to be that if they cannot go along with management's proposal, then they would sell. Thus, they must vote yes because they are not ready to sell yet.
The greater majority have indicated a no vote for many varied reasons. Some say no more dilution at all. Mschere and I think that Paying 3g licensing should be in place before awarding more options. Some are waiting on Nok/Samsung 2g before they will vote yes.
The fact is each person entitled to vote has put his money where his mouth is regarding IDCC. The entire world is divided regarding options and their affects on shareholder value. It is just one of those things in life that has caused a split opinion. These are pretty tough concepts and the higher ups in the accounting world heve yet to fully agree on expensing of options much less an objective method for determining values to expense. This is not dogma and we no longer live in the world we knew as kids. Change has entered the picture. The CPA's put the option game together originally to allow for compensation that would not affect the bottom line. It rocked along until the "betcha cant eat just one" syndrome took over and abuses came into play. Suddenly, the market tanked and many of the options went under water. Most of the big option recipients were also receiving a salary and were the upper management of the companies. Naturally, they were forced to lay off many of those underneath them in order to increase their salary in order to maintain the same standard of living. Of course, these boys at the top were the first to complain that their options being under water.
Bottom line is it is about voting rights on an issue and if you paid your money and hold your shares, you should be able to exercise those rights regardless of what others say or feel. It is your right to determine what you believe is the right form of compensation in 2003 and going forward. What people on this board believe, what management is proposing and what investors believe should make no difference to you. You should study the economic affects of options and review the FASB proposed option expensing rules and make your own decision. The people running the company are just individuals without any divine powers. They are no better than you when it comes to what is the right form of compensation. They have a stronger bias and this is why they are asking us to vote their way. Voting yes or no does not make a person a better shareholder than the next shareholder. It is a way of life in cor[orate governance.
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