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cherk_on 216 posts  |  Last Activity: Feb 26, 2015 9:57 AM Member since: Aug 13, 2009
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  • Reply to

    Conference telephonic today

    by kevdalts Feb 25, 2015 11:03 AM
    cherk_on cherk_on Feb 26, 2015 9:57 AM Flag

    So it looks like the settlement conference on 2/20 was just between Netlist and Sandisk, while the 2/25 conference was between Netlist and Diablo. Let's see how today's settlement conference goes. The reality is, Sandisk need the ULLtraDIMM revenue to remain a growth stock in 2015. If they don't resolve this soon, not only will it mean no ULLtraDIMM revenue for 2015, but the damage to their reputation would negatively impact their other businesses and new product launches as well. e.g. Customers and partners who qualified ULLtraDIMM will be very hesitant about qualifying additional products Sandisk is launching until Sandisk prove they have all the IP ducks in a row.

  • Reply to

    Expecting good news tomorrow

    by getraddy Feb 25, 2015 3:25 PM
    cherk_on cherk_on Feb 26, 2015 9:26 AM Flag

    Short term investors and day traders will focus on the revenue for Q4, long term investors will focus on the good backlog numbers. The CEO also gave the YTD bookings and awards, which is over $5MM, pretty impressive for less than two months. They also now have 9 of the top 10 pharma as customers, up from 6 of the top 10 in previous year.

    I would like to see more insider buying though. The CEO said he will start presenting in investor conferences. Insider buying would give new investors more confidence. I would buy more if day traders or short term investors put pressure on the share price in the next couple of days.

  • Reply to

    The key points from SMSI's earnings call.

    by cherk_on Feb 24, 2015 8:53 PM
    cherk_on cherk_on Feb 24, 2015 11:28 PM Flag

    "As far as where the revenues are going to come from, we have a base of business that comes from our P&G revenue streams, as well as our Sprint business, even though we do believe Sprint will continue to grow, it does provide a very predictable base to begin with. And then we layer on to that, some of the new business like our cable MSO, like this other Tier1 business, like some of the other things that we are working on or have completed that we just can't talk about, and that gives us the comfort to provide the guidance that we did and I would agree with you, our goal is clearly to be at the top end of that guidance, and honestly, our real goal is to beat it."

  • Reply to

    The key points from SMSI's earnings call.

    by cherk_on Feb 24, 2015 8:53 PM
    cherk_on cherk_on Feb 24, 2015 10:37 PM Flag

    Not sure how far along the Comverse partnership is. Perhaps we'll learn more next week when they present together at the Mobile World Congress 2015 in Barcelona.

  • Reply to

    Non-dischargeable

    by chuckhongs Feb 24, 2015 4:52 PM
    cherk_on cherk_on Feb 24, 2015 9:26 PM Flag

    "In fact, Diablo understood its rights to use Netlist’s IP were limited under the Supply Agreement and sought to renegotiate and expand them. Diablo’s efforts to amend the Supply Agreement are the primary subject of the challenged emails and support Netlist’s interpretation of Diablo’s limited IP rights."
    ...
    "Diablo’s post-contract efforts to expand its rights is consistent with Netlist’s interpretation of the Supply Agreement and is compelling evidence that Diablo’s purported understanding regarding its rights to use Netlist’s IP is an after-the-fact justification of its breaches of the agreement."
    ...
    "Second, the emails establish that Diablo willfully and maliciously misappropriated Netlist’s Trade Secrets because it knew its rights to use Netlist’s IP were limited. Cal. Civ. Code § 3426.3(c). "

  • 1. They were profitable on a GAAP basis as earnings numbers are in the high end of preliminary forecast and even above forecast on the non-GAAP operating income side.
    2. The company gave more details about TWO of the deals, one cable MSO and the other wireless. The key info here is that while the deployment will ramp more in the second half, they WILL be booking significant revenue in the first half as well, including Q1 2015. Sounds like they get paid for integrating Netwise into the customers' system, and then again when it is rolled out.
    3. There was a hint that, some revenue might be coming from other project they did in the past that they were not able to talk about. I suspect it's royalty type of revenue from something they did for Intel.
    4. The various details strongly support the conclusion that they are very confident about their forecast as it is based on very predictable revenue growth in CommSuite and good visibility from signed and active Netwise deals.
    5. There is also a hint that the forecast is on the conservative side, as their target is to beat the high end target. Any incremental CommSuite or Netwise customer would likely result in them beating the forecast.

    This is my forecast for them this year:
    Q1: $10.7MM
    Q2: $11.4MM
    Q3: $12.6MM
    Q4: $14.3MM

  • Reply to

    02/20/2015 telephonic settlement conference

    by cherk_on Feb 23, 2015 7:47 PM
    cherk_on cherk_on Feb 23, 2015 7:48 PM Flag

    sorry, it was doc. 346

  • Interesting that Diablo was not represented, unless whoever entered the below made a mistake:

    doc. 345
    "Minute Entry for proceedings held before Chief Magistrate Judge Joseph C. Spero: Further Telephonic Settlement Conference held on 2/20/2015.Court Reporter Name or FTR Time Not Reported. Plaintiff Attorney Ben Riley (T)*. Defendant Attorney Greg Lanier & Greg Lippetz for Dft San Disk (T)*. *Telephonic Appearance.This is a text only Minute Entry (klhS, COURT STAFF) (Date Filed: 2/23/2015) (Entered: 02/23/2015)"

  • Reply to

    Aiding and abetting...Sandisk

    by kevdalts Feb 20, 2015 6:29 PM
    cherk_on cherk_on Feb 22, 2015 2:09 PM Flag

    3PAR was not valuated based on what it was worth at the time of the acquisition, but rather what it could be worth with the resources and the backing of the buyer. That is true for Netlist as well. However, if Sandisk is the buyer, they also have to account for the cost if they do not buy Netlist.

  • Reply to

    Aiding and abetting...Sandisk

    by kevdalts Feb 20, 2015 6:29 PM
    cherk_on cherk_on Feb 22, 2015 1:42 PM Flag

    Realistically, the next 24 hours might be Sandisk's best opportunity to make a deal with Netlist or to buy them out. A settlement would mean Netlist can cancel the stock offering. If a buyout was on the table and the parties were just negotiating the price, Sandisk would have to pay at least 20%+ more if they let the stock offering close, therefore, unless they abandon the buyout, increasing the offer by at least 10% would still be a win-win for both parties. If all parties are serious about a deal, this is the best opportunity because there's actually more incentive for everyone to make a deal with the stock offering schedule to close by Tuesday.

  • Reply to

    Aiding and abetting...Sandisk

    by kevdalts Feb 20, 2015 6:29 PM
    cherk_on cherk_on Feb 22, 2015 1:24 PM Flag

    It is very simple, if Sandisk continue to sell or market ULLtraDIMM, Netlist will ask the court to find Sandisk in contempt of court. The court will agree. Sandisk will appeal. The appeal court declared that 'holding a non-party in contempt for aiding and abetting in the violation of an injunction that has been entered against a party, is permitted.' Does Sandisk really want more excuse for Netlist to put out another PR, stating that Sandisk is in contempt of court? Bottom line, Sandisk need to resolve this ASAP. No one is buying ULLtraDIMM until this is settled or resolved in court.

  • Reply to

    Aiding and abetting...Sandisk

    by kevdalts Feb 20, 2015 6:29 PM
    cherk_on cherk_on Feb 22, 2015 1:15 PM Flag

    j, you're not even looking at the PI. What you are reading is just the appeal decision, for which you are misinterpreting without the context of the info from the PI. The PI from the district court clearly specify Sandisk as being in 'active concert or participation with Diablo' which 'has been interpreted to include both aiders and abettors of, and privies of, an enjoined party.' The appeal court is simply directing the district court to use the correct law to apply to Sandisk. It is saying you cannot include a non-party in the injunction itself, but you can use a contempt of court charge.

    Add these two things together:
    1. The key sentence from the appeal decision: "Courts have carefully distinguished between entering an injunction against a nonparty, which is forbidden, and holding a non-party in contempt for aiding and abetting in the violation of an injunction that has been entered against a party, which is permitted."
    +
    2. The district court concluded that Sandisk is in "active concert or participation with Diablo."

    Sandisk, classified as in "active concert or participation with Diablo", would be in violation of the PI just for "from manufacturing, using, distributing and/or selling the Rush and Bolt integrated circuits manufactured by or obtained from Diablo, including any such Rush and Bolt integrated circuits contained in or provided along with the ULLtraDIMM module, the IBM eXFlash module, or any other product."

    Again, note that IBM is NOT classified as in "active concert or participation with Diablo." IBM selling their inventory would be ok, but not Sandisk.

    Do you at least agree that the district court will decide what will constitute as aiding and abetting in the violation of the injunction??? You seem to have a different opinion on what "aiding and abetting" means, but the district court already declared that Sandisk's actions had been classified as "aiding and abetting". Therefore, if they continue to sell, it would be in contempt.

  • Reply to

    Aiding and abetting...Sandisk

    by kevdalts Feb 20, 2015 6:29 PM
    cherk_on cherk_on Feb 21, 2015 10:41 PM Flag

    Read the details from the PI. My quotes came from there. It specifically specifies Sandisk aiding and abetting if they ship anything that includes the Diablo chip, including ULLtraDIMM. Note that IBM is not classified the same as Sandisk. Your interpretation applies to a situation like IBM who is a not in active concert with Diablo. Read the complete document. We all agree that Diablo is screwed, but my point is it impacts Sandisk even more, and the PI still impact them greatly. That's why they are in each settlement conference. It's not just a Diablo problem like some bashers would like people to think. Sandisk will be the one paying the most in the event there is a settlement. Look at their presentations and you will also see that Netlist fits perfectly in their acquisition strategy, if Hong is willing that is. We'll probably know in a few days if there's a deal or not.

  • cherk_on cherk_on Feb 21, 2015 7:28 PM Flag

    They hinted at 10K+ units being shipped per month at some point. Two months of raw material could cost $5 million. Don't forget they have the new EXPRESSvault coming out next month as well. They are probably building up raw material inventory for that as well.

    They are selected as one of two supplier of NVDIMM. One can argue whether they are primary or secondary, but in either way, each will be given enough business to make it worth their while to be a supplier. It's common sense to keep both suppliers happy. Additionally, four motherboard from four different companies are included in the qualification; that in itself should give you an idea on the volume involved.

  • Reply to

    Aiding and abetting...Sandisk

    by kevdalts Feb 20, 2015 6:29 PM
    cherk_on cherk_on Feb 21, 2015 7:16 PM Flag

    j, it is meaningless that the injunction was stayed for SNDK. Th appeal court was only clarifying that which law should be used against Sandisk. e.g. As a non-party, Sandisk cannot be named directly in the injunction. However, the court can use a different law to accomplish the same thing... That is, hold ANY ENTITY in contempt for aiding and abetting in the violation of the injunction. The court already declared Sandisk as in 'active concert or participation with Diablo', which 'has been interpreted to include both aiders and abettors of, and privies of, an enjoined party.'

    IBM in fact is actually allowed to sell their existing inventory of eXFlash with the Diablo chip because they are not identified as 'active concert of participation with Diablo'.

    The whole point is really moot, since no IT manager in their right mind would accept delivery of a NEW product currently under an injunction, and possibly no future or replacement parts. One might accept delivery on such a product if it was a replacement part for a critical system currently already in used, but certainly not for a new rollout which would be the case for ULLtraDIMM since it's brand new.

    btw, getting a quote from a third party reseller of ULLtraDIMM doesn't mean anything. Let us know if you actually get a shipment.

  • Reply to

    New Settlement Conference - Things are heating up

    by cj.whit Feb 20, 2015 12:32 PM
    cherk_on cherk_on Feb 20, 2015 7:11 PM Flag

    It is quite interesting to have the telephonic conference to be setup for the same day. The order for the 2/26 conference did request the parties to notify the court if they settle before the 2/26 settlement conference. I agree with sj's suspicion that if buyout is on the table that Sandisk would want Netlist to cancel the offering.
    "The stock offering is expected to close on or about February 24, 2015, subject to satisfaction of closing conditions."

    Tic-toc...

  • Reply to

    Hong owns 20% of co.

    by edvoks Feb 17, 2015 9:34 PM
    cherk_on cherk_on Feb 17, 2015 10:18 PM Flag

    This is why I trust him to make the right decision with regards to financing and settlement decisions. I have said it many times here, he has my vote as long as he doesn't team up with a PE firm to take NLST private.

  • cherk_on cherk_on Feb 17, 2015 6:44 PM Flag

    Agreed. I think having a cap on how much FIG can get shows NLST was in the driver seat of the negotiation. FIG had always wanted to include the NVvault patents and a simple compromise would have meant just adjusting the percentages FIG gets. However, capping what FIG can get is a very important term as it greatly simplifies things in case of a buyout. Including the NVvault patents probably also simplifies accounting as well since NVvault product actually also use HyperCloud technology as well. A potential licensee would likely license IP from both portfolios. Products such as HyperVault and ULLtraDIMM certainly use both portfolio of patents.

  • Remember they have another settlement conferenceconference today, in a few more hours. Clearly it was to show Sandisk and Diablo that Netlist can afford to fight them all the way to the end. The terms of the amendment are clearly favorable to Netlist as it now includes a cap on how much FIG gets. That makes a buyout of NLST more easier. FIG could also have pushed for a settlement and the cap was perhaps part of the negotiation to get Chuck to take the deal. Either way, it's a big positive for NLST as it means stronger financials, easier accounting in case of a buyout, and no dilution required.

  • cherk_on cherk_on Feb 17, 2015 10:40 AM Flag

    AND

    7. Netlist would not get any money from Google lawsuit even though 92 claims survived re-exam going into appeal, beating Google, Inphi, and SMART Modular's team effort to invalidate the patent.

    AND

    8. Netlist would not get any money from Inphi lawsuit even though ALL 60 claims were confirmed by Patent Trial and Appeal Board (PTAB) and
    92 claims survived re-exam going into appeal, beating Google, Inphi, and SMART Modular's team effort to invalidate the patent.

    AND

    9. Netlist would not gain traction with their Vault Memory products even though Cisco, Nimble Storage, Dell and Avere have designed Netlist's Vault technology into their NAS appliances and their revenue from the NVvault/EXPRESSvault has been steadily increasing. The higher capacity and faster PCI Express (PCIe) 3.0 are scheduled to launch next month and HyperVault middle of this year.

ICAD
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