It really isn't that bad if you don't fixate on the $77.00/ share because he left it wide open after that;
"While I do not own a crystal ball I think you will agree there are a number of conservative assumptions baked into the above analysis. For one, I exclude any 4G/LTE payments outside of handsets (which is not what IDCC thinks its IP should command). Secondly 2G & 3G technology will be around for quite some time and it’s unreasonable to expect IDCC’s DCF to include only 3 years of payments for it. Lastly, the disruptive value of the IP is a wildcard that could easily push this auction past what a standard DCF analysis yields as fair value. Any one of these angles could add $10-$20 a share in a sale process with multiple bidders competing with each other."
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