ChaunceyKincaidIII0

This to me is the real question.

Excluding the $1.50 in cash on the balance sheet the rest of the company in its entirety is selling for about $300 million!

Two years ago Nortel put its 6,000 patents up for sale at auction. The initial bid was for $900 million. They were sold to a consortium for $4.5 billion. Of this sum, Apple purportedly paid over $2 billion for "outright ownership of Nortel’s Long Term Evolution (4G) patents as well as another package of patents supposedly intended to hobble Android.".

Skippen made a formal examination of the patents at that time under the pretext that they were an interested bidder. My guess is that he just wanted to get a look under the hood.

At a conference in September 2011 Skippen made the following comments (I paraphrase):

- We looked closely at the Nortel patents and we have more than twice as many 4G patents as Nortel.

- Our deepest and strongest portfolio for essential patents is 4G/LTE.

- We have more than 10 families that are essential to practicing LTE.

- Patents read directly on the standards of the industry.

- If a device conforms to the standard, it must infringe.

- Future growth is coming from 4G in the future and we haven't even started deploying the patents.

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While I like others here are disconcerted by 3G trial postponement, ONE's court loss, and the recent weakness of the stock price, let us not forget the true value WiLAN and its patents (not just the 4G-LTE patents) may indeed represent to shareholders.

4G/LTE is in its infancy. 4G/LTE networks and devices have just come to North American markets in the past 12 months and for the most part in just the past 6 months. T-Mobile has just now activated their LTE network this week:

http://www.webpronews.com/t-mobile-turns-on-4g-lte-in-seven-markets-200-million-to-have-lte-by-years-end-2013-03

WiLAN's 4G/LTE patents in my opinion are worth many multiples of the $300 million the market is placing on the entire company ex-cash.

WiLAN has only recently, in the past 6 months, initiated litigation on but a few of these valuable patents.

The value in dollars of 4G/LTE market for base stations, handsets and tablets over the next five years is simply mind boggling.

I agree, that given its potential there is no logical reason for WiLAN to be selling at stock price or a valuation that we see today.

The $180 million in cash we currently hold is a very big insurance policy that the company will be able to survive the worst of any short-term setbacks or even a significant market decline. It wasn't too long ago that everyone was concerned that the cash and the low share price would lead to a low priced takeover offer. That could very well happen, but I hope not. If a bid comes though, there will be more than one in my opinion.

Emotions are understandably running high of late. From my perspective, I have no intention of doing anything but holding on through this dip and looking forward to what comes next. Today, I see a company that is significantly undervalued with enormous potential. By the end of the year I think we will see some of that potential realized.

I paid to see the show and in my opinion it hasn't even begun yet.

Pass me the popcorn.

CKIII