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Vringo, Inc. Message Board

  • shavitmi shavitmi Jan 30, 2014 12:12 PM Flag

    you must read this bloog

    We finally know what the Honorable Judge Raymond A. Jackson thinks. He basically threw the book at Google and why not?! After enduring a preposterous amount of shenanigans (many of which we documented) he has finally, ably, and with due diligence (though some delay) done what we thought he would eventually do so many months ago. We are encouraged that the Judge saw fit to award Vringo 6.5% as a running royalty and at the same time believe Google deserved much worse.

    So what does this now all mean? The award is $930M plus another $50M or so in past damages, interest and supplemental damages. Additionally, other factors that investors must consider are the Microsoft settlement, cash on hand, net operating loss carry forwards, etc. Fair market value for Vringo based on this award alone as it stands today (with no defeats on appeal and nothing added either in terms of a laches reversal) is somewhere in the $7ish range on a cash basis after tax and after legal fees. The foregoing includes no multiple on earnings which of course could dramatically alter the value. We note that VRNG is currently trading at a discount to that number and our supposition after the judge’s order was that many holders who felt locked into the Vringo vortex for so long would take profits. No problem, they are being replaced with institutional money and many who feel that the risk is now aligned with appropriate upside. We get that.

    One thing people keep discussing is the idea of Google finally buying out Vringo. We don’t see that since we are not convinced that Google sees anything it wants to be involved with beyond this case and that is why they would be buying anything…otherwise they could just cut a deal to settle for a number and frankly despite their public rhetoric, we have no idea whether or not they may be considering that. Even though we have often said that any loss is a rounding error for Google, if one or more of their bright, in-house counsel were to convincingly bend the ear of

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