"you may not see the SP pop you're looking for even if we win big against the J-2".  I guess it depends on your definition of "win big". To me, a big win would mean at least $200M to as much as $500M. So take the midpoint, $350M to TPL and PTSC, or $175M each, net.

Okay, so $175M = ~ $.45 per outstanding share.  Using our current P/E multiple of ~11, that would put us at about $5/share.  Not a big pop?  But this ignores the reality of hundreds, perhaps thousands, of infringers that would have little choice but to license, and not at discount amounts. The P/E multiple SHOULD reflect future anticipated performance.  I've argued that our current P/E SHOULD BE around 50 under current circumstances.  With a big win, that P/E should probably go through the ceiling, to perhaps 500 (and there are companies out there with such P/Es with much lower prospects than PTSC would enjoy).  Do the math....  Then keep compounding with each new licensee paying $10M miminum, and the likes of TI, MOT, Nokia, Apple, IBM, etc., paying more like $100M each.  Do the math again....

Now think of how much product PTSC (or any other company) would have to produce and sell to bring in that level of profit.  And this will go on for years, like a decade (patents expire in 2015 - 1998+17).

Are you still so certain that the market will turn a blind eye?  Are you still so certain that PTSC must develop alternate revenue streams, at risk, so they can generate semi-reliable income for as much as $5M in profit per year before the market will take notice?  Would the profit from production number have to be more like $50M?  Gosh, that amount would still be trivialized by the licensing income - virtually pure profit.

And note how the market has totally ignored Qualcom, another "shell".

JMHOs, and I KNOW nuttin'!

SGE