It may sound weird but right now the price reflects pretty much a consensus majority believing there will a sale. By 60/40. If you take the conservative upside as about 120 and the downside to be 40 and you assign a probability of .6 to the former and .4 to the latter, then you get the approximate current price of about 56. The thing is I am inferring the market given odds of a sale happening as being 3 to 2. I think my upside and downside are about right as far as we know. I think at 40 IDCC would be subject to a hostile takeover now that they have dissolved their poison pill. The encouraging thing to me is market consensus usually is right. Like when you ask the audience in 'who wants to be a millionaire' - the majority is almost always right.