Mickey
Do not waste your time with this guy. He says it is the shareholders fault that we had the Ericy case evaluated much higher than the actual settlement. I guess we just cannot rely on the word of upper management when they repeatedly said that 2g was worth 1-3% of product sales. Yes, repeatedly at the road shows, the investors conferences, in answers to direct questions by IR and in Journal interviews. I guess that we cannot rely on SEC filings that assured us that the ability of IDCC to collect from Ericy has not been affected by the Markman ruling or by the partial summary judgment rulings. I guess that the damage awards in patent infringement cases are not based on the sales by the infringing party and the resulting royalty loss of the IPR holder.
The pitiful thing is that we have rationalized that the settlement is OK even though we know someone lost their nuggets when it came down to crunch time. We try to overlook this poor result and roll ahead on a positive basis. Yet, there always is some pompous prick that has to open the wounds and will not let them heal. The pitiful thing is that he knows full well that the value of the Ericy case is far more than the result extracted by IDCC. If he even dreamed that the real royalty value owed by Ericy over a 10 year period would be 3 mil a year based on the 2g IPR portfolio, he would never have taken a position in the stock.
This guy is a phony through and through and we should just ignore his banter. These options seem to work in reverse as far as incentive to move the share price. It is no secret that management and the employee recipients are far better off as the share price is depressed because their strike price is set on the date of the grant and then they have 10 years to wait on a cash out. If we turn over another 5 mil shares, where is their any incentive to drive the share price to maximum value until all of the options are granted? There is none. If these guys receive a No from the shareholders, then they will do everything in their power to grant the remaining 5 mil at the lower share price and proceed to drive the share price. We will no longer have these piecemeal deals that drag on and on and on because it is far better to get the project done so the revenue can hit the Bottom Line sooner. There will still be some projects that start, drag on and then go away because that is just business. However, we will see a lot more projects started and put to the final stages in order to open the recurring RR spicket asap. The recipients of the option grants can watch their worth grow over the years and can also receive cash bonuses along the way for jobs well done.
MO
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