“with respect to the interim order issued by the Tessera arbitration panel, we believe that $34 million is a reasonable estimate of the low end of the possible range of loss up to an amount in excess of $125 million claimed by Tessera, and that no amount in the range constitutes a better estimate than any other amount; however, the final award could be more than the amount currently accrued, and we expect to record our estimate of interest accruing with the passage of time and may record additional charges as information develops or upon the issuance of the final award;” http://phx.corporate-ir.net/phoenix.zhtml?c=115640&p=IROL-
Keynes said it: "The market can remain irrational longer than you can remain solvent." Trials take a very long time, and with management no longer saying anything at all, we won't hear much until decisions are reached.
Next interesting event is probably a ruling on the DRAM certiorari petition in Fall. I think the issue is interesting enough so the chance of it being granted is about even. But even though the amount at stake is highly material, the remaining uncertainty, increase in legal expenses and long wait for money to be awarded makes the outcome a wash for the stock price.
The old schedule for the Amkor arbitration had the award most of a year off. Mr Young's remarks last quarter suggested that it could drag out longer than that (with "forever" included in the range).
I like TSRA as a stock with a well-defined floor under its price. Excellent for covered calls. But for appreciation? "Show Me the Money!" (earnings).