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TiVo Inc. (TIVO) Message Board

  • kwooozie kwooozie Jun 9, 2010 9:14 AM Flag

    Janney on TIVO...

    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.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Do you have a link to the original?

      A search of the Web finds the only match is your post.

      I cannot imagine any legitimate firm recommending a stock buy based on the bet of a position reversal.

      • 2 Replies to bamboo_banks
      • 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.

    • Show me da money!

    • >>>bump

    • "We maintain our Buy rating and $24.50 target."

    • Maybe we have finally hit being over sold. Would love to bounce back to 9++++...

      KB

 
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