TiVo Inc. (TIVO) Message Board

http://www.streetinsider.com/Analyst+Comments/Janney+Montgomery+Says+TiVo+(TIVO)+Weakness+On+USPTO+Headline+is+a+Buying+Opportunity/5715091.html

no link. but here's the full text...

Don't Be Fooled by the USPTO...Again
INVESTMENT CONCLUSION:
The USPTO has again declared that some of TIVO’s patent claims within its ‘389
patent are invalid. This is the third time the USPTO has reviewed TIVO’s patent
(including the initial review done for its issuance), and the second time the USPTO has
initially rejected some of TIVO’s patent claims. However, as we have noted in our
earlier research, the prior USPTO rejection of TIVO’s claims (during the first
reexamination) did not hold, as the USPTO ultimately upheld the validity of all of
TIVO’s 389 patent claims. In essence we believe today’s rejection is merely another
step in the lengthy USPTO review process that will very likely culminate well after a
decision on the en banc review is received and a potential DISH injunction is enforced.
We maintain our Buy rating and $24.50 target. We believe the stock's weakness
creates a buying opportunity, as we believe sellers of the stock do not adequately
discount the aforementioned legal nuances.
KEY POINTS:
The Logic—While the grounds for the rejection remain unknown at this time, our
review of earlier documents suggest that DISH is petitioning the USPTO to consider
TIVO’s patent invalid based on the combination of multiple patents. DISH is arguing
that combining different elements from different patents (the same two prior art
references included in the first patent review) shows there is prior art that invalidates
TIVO’s patent. We believe this is a tenuous argument as patents can be
deconstructed, combined with other patents, and reconstructed to create almost
limitless combinations for alleged prior art, when in fact the combination of
technologies is itself a novel approach that may be patented.
The Timing--TIVO can now appeal the initial review of the USPTO decision (which
ironically is called the “Final Decision”) and will get multiple opportunities to appeal
any adverse outcomes during the process. The patent review will likely take years to
culminate, especially as TIVO is now partly in control of the appeals timing and will
likely maximize its time for an appeal.
Justice is Blind--The courts are instructed to review patent cases under the view that
all patent claims are valid, regardless of what the USPTO may be reexamining. We
suspect this is largely due to the volatile nature of the USPTO reexamination
procedures that can seemingly go on in perpetuity. The judicial system accounts for
this uncertainty by assuming that all patent claims are valid in the eye of the court. In
essence the District and Appeals Courts determine if a patent is being violated as it is
written while the USPTO decides if the written claims are novel (i.e. patentable). We
expect to have an en banc decision well in advance of the USPTO resolution, which
implies that DISH may still face an injection if it loses the en banc regardless of the
ongoing USPTO review.
The Negatives—Today’s news provides more complexity to an already complex
story and may allow DISH to take the more benign news out of context to pressure
TIVO into a more favorable settlement. The pressure on the stock suggests that some
investors may have been shaken by the headline risk; however, we doubt TIVO
would succumb to this same pressure.

What are you smoking over there at janney. Must be the same stuff they are smoking at the flyonthe wall