The judge denied all of BDX's pre-trial motions for judgment. If the Judge ruled that there were disputed material issues of fact that had to be submitted to the jury, why would he now change his mind after the jury's verdict?
It is extremely tough to successfully challenge a jury verdict. What the Judge could possibly consider is a "remittitur" reducing the amount of the verdict . This would be a long shot. Regardless, any verdict would still be trebled (i.e. 3X), as a matter of law.
Hypothetically, let's say that the Judge rules that the damage verdict should be reduced to $50m. With counsel fees and interest, we are still talking about a $200m verdict and around $100m net going to RVP. That translates to around $3.30 a share. If you low ball the intrinsic value of the company to $1.50 (which now includes about .80- $1 in cash), we are still looking at a pps in excess of $4.50.
Best case scenario is based on the judge upholding the verdict, granting counsel fees, pre-judgment interest, granting the disgorgement motion and granting the motion for injunctive relief. The aggregate money claim would be well in excess of $450m. Injunctive relief would also make RVP a viable operating company. It is possible that RVP will be left with a net after taxes of $10 pps in cash and a company immediately worth another $3-$5.
There are several other motions filed by RVP seeking disgorgement of BDX's profit and injunctive relief. Keep in mind in the related patent litigation the Court already found that BDX violated RVP's patent on its 1ml. syringe. I would not be surprised if the Judge grants additional relief related to the patent violation, maybe even an Order precluding BDX from selling 1ml syringes.
Even if the Judge limits his Order to upholding the verdict and grants pre-judgment interest and attorney fees we are talking about a $400m judgment.
Although there is no time restriction compelling a quick ruling, it appears to be Judge Davis' approach not to delay his ruling. If the parties are close to settlement, he may hold off on ruling to allow the parties a little more time to finalize negotiations.
I suspect a bunch of timed trade prints to create the illusion that the pps is falling. Since this stocvk is so thinly traded, the quote can be manipulated to fulfill the needs of the MM- i.e. whether he is short or long.
This stock will go higher- don't be fooled by the MM
Bill Foudray, an AIRT Director bought 2500 shares at $11.25. This is the first non-Swenson purchase in a long time. I view this as a vote of confidence for Swenson in the post Clark era.
I also noticed that MAC has job postings for 3 ATR Captains and 3 First Officers and 2 Cessna 208 pilots. It looks like the FedEx business is picking up. Also, Global Aviation Services has job postings for at least over 12 mechanics.
Prediction- this stock will close by the end of this month at a new 12 month high.
There are only a few of us posting on this stock. Today was very encouraging.
I bet you the MM is short the stock and will have to cover soon or pay the penalty.
One of the reasons i took such a heavy position is my analysis of Judge Davis' past record. I reviewed a number of recent cases where he took an aggressive stance AGAINST parties who flaunted his authority. Don't mess with Judge Davis!
RVP is a small Texas company represented by Texas law firms. BDX is the 5000 lb. gorilla with their primary counsel hailing from NYC.
Reading the jury verdict sheet, the jury was convinced that there were multiple violations of the Langham Act. Also, the attempted monopolization verdict moots out previous legal issues concerning patent violations being construed as anti-trust violations.
I do not think that Shaw will settle for less then $250m plus counsel fees. That would leave RVP with $150m+ plus after taxes. That equates to $5 share (fully diluted) from the settlement. The intrinsic value of RVP is presently around $1.50, since they have approximately $1 a share in cash and no debt. Accordingly, the stock should be worth $6.50 a share minimum.
If BDX does not settle and they lose the final verdict would be in excess of $500m+ (i.e around $10 a share net of taxes). i call that Russian Roulette. I can wait out the appeal process for such a premium.
I would have been happy with just "stagnant share price". I heard the same comments that the "stock is cheap" when the stock was at $5 and then $4. The five year chart is horrible . Bazet is one of the worst CEOs and his only attribute is his ability to make lame excuses with a straight face quarter after quarter.
I suspect that everyone who owns this stock have been patiently waiting for the opportunity to dump this world class loser.
If word got out that Icahn wanted out, then the stock would have had a big cloud over it and we would see an even bigger drop over a longer period of time. The cloud is now lifted, albeit with some short term pain.
I predict that the stock will move back up with all the good news out there. Fundamentals will rule.
In the Microsoft patent litigation, Judge Davis slammed Microsoft for over lawyering. In our case, BCD filed Motion after Motion which were denied by the Judge.
Yes, they also asked for pre-judgment interest.
I am betting big that Judge Davis will deny BCD's Motions and that, at the very least, will uphold the verdict , grant pre-judgment interest and attorneys fees.
As I expressed previously, i am speculating that Judge Davis is sick and tired of BCD's multitute of high priced counsel and their obnoxious over-lawyering.
My law firm has access to the PACER system which allows me to retrieve any pleading filed in any Federal Court. I am able to follow the RVP litigation in real time. There are two separate lawsuits filed by RVP. They prevailed in patent litigation against BCD earlier this year as to their 1 ml. retractable sryinge. . This matter is on appeal. but was put on hold pending the outcome of the antitrust litigation. BCD paid RVP $7m+ after the verdict in Sept. as was stipulated by the parties.
I just checked the dockets and the Post Trial Motions and Responses are pretty much complete. They were all filed "under seal"s so there is no way to access them. RVP asked the judge to order injunctive relief, compel BCD to disclose profits, grant attorneys fees and enter judgment on the verdict. BCD asked for Judgment NOV (not withstanding the verdict, or a new trial and/or remitteur (reduction of the damage reward).
The final filings (Sur Replies) are due on November 26, Neither party has requested any further extensions.
It appears that the MM has been manipulating the price just like he was working the pink sheets. I believe that he is holding back printing the quotes so he can show an uptick and then sell short. He can play the spread and make a few more pennies while keeping the stock in a narrow trading range. Look at the chart and you will see the same pattern every day where is closes near the high and then there is a late print near the low of the day. Today it "closed" at $2.69 but a late print comes in at 4:02 at $2.64. It did not trade at $2.64 since 11 am.
Shaw should transfer the stock listing to the Nasdaq Nat. Market.