But after the $1.10, who knows how long the rest will take.
In addition, on March 24, 2012, the Company’s Chief Executive Officer met with the chief executive officer of a small unrelated public company at the request of the unrelated company’s CEO. The CEO of such company stated that it is considering acquiring control of the Company from the Company’s major shareholders after the payment of the first liquidating distribution with the intent of revoking the election to wind up and dissolve and using the Company to pursue litigation involving patents other than the Company’s current patents. Unlike the partnership that the Board previously considered, this unrelated company has a very limited intellectual property portfolio, and with approximately $4 million in cash, $500,000 in annual operating revenue and significant operating losses, does not have the resources to make a partnership with the Company viable. There can be no assurance that the unrelated company would be successful in acquiring control of the Company, nor if it did so that such company could reverse the Company’s election to wind up and dissolve after the first liquidating distribution has been made. Although there is no case law on point, Section 1902 of the CGCL provides that a company’s election to wind up and dissolve cannot be revoked after the distribution of any assets. Accordingly, the Company believes that the unrelated public company would not be able to reverse the election to dissolve after the Company’s first liquidating distribution. However, if it were successful in reversing the election to dissolve, the first liquidating distribution may no longer be eligible for capital gains treatment, and the information contained in this Consent Solicitation Statement regarding the Plan of Liquidation would no longer be applicable. Although the Company has been unable to ascertain whether this company’s interest in buying the Company’s shares is bona fide, the foregoing is indicative of the uncertainty associated with implementing the proposed Plan of Liquidation.