Mara - April 20, 2015 Signal IP
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MARATHON PATENT GROUP (MARA) April 20, 2015 Signal IP Markman Opinion IP HAWK David Hoff [email protected] @theiphawk http://theiphawk.blogspot.com I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions. Thoughts From the Hawk Key Data Price $5.80 TTM Revenue $21.40mm Enterprise Value $98.55mm Shares Outstanding 13.92mm Shares Fully Diluted 19.56mm Float 9.72mm 52 Week Range $2.78-9.73 3 Month Avg. Volume 103,332 Marathon Patent Group had a Markman Opinion issued in their Signal IP portfolio on Friday after the close. H. John Kronstadt construed 36 claims across seven patents. The patents asserted cover automotive technology, which includes: Air bag system using pressure sensors. (‘375 and ‘007) Side detection radar to warn a driver about objects in the blind spot of a vehicle. (‘927) Object sensing system in a vehicle by using the steering angle to limit the range of the system to avoid false alarms. (‘486) Tire pressure monitoring and keyless entry control. (‘374) A dual rate communication protocol to improve communication of seat content data to an airbag system. (‘775) Controlling propulsion in a hybrid vehicle by switching between different sources of propulsion power. (‘601) In a recent joint status update on April 13, 2015, it was disclosed that Signal IP and Jaguar Land Rover have reached a settlement in principle. While three patents will be knocked out due to claims being found indefinite there are at least two patents that received favorable claim definitions and two more that should have enough coverage for Signal IP to either negotiate settlements or successfully litigate at trial. In a prior joint status update MARA proposed $1.4B in potential damages. The MARA management team has been very successful to date negotiating settlement agreements after a Markman order is issued. The post Markman Opinion timeframe is where the company has previous success with the Vantage Point portfolio being the most recent benchmark. A Markman Opinion was issued on February 11, 2015 and MARA announced a licensing agreement covering 14 defendants on February 26, 2015. Due to damages and awards potentially being materially higher in the Signal IP portfolio, I do expect a handful of defendants to try their luck at trial. I view the Signal IP Markman as a positive event and I look forward to the MARA management team to execute a number of agreements throughout the rest of 2015.
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Mara - April 20, 2015 Signal IP
Transcript of Mara - April 20, 2015 Signal IP
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
Thoughts From the Hawk
Key Data
Price $5.80
TTM Revenue $21.40mm
Enterprise Value $98.55mm
Shares Outstanding 13.92mm
Shares Fully Diluted 19.56mm
Float 9.72mm
52 Week Range $2.78-9.73
3 Month Avg. Volume 103,332
Marathon Patent Group had a Markman Opinion issued in their Signal IP portfolio on Friday after the close. H. John
Kronstadt construed 36 claims across seven patents. The patents asserted cover automotive technology, which includes:
Air bag system using pressure sensors. (‘375 and ‘007)
Side detection radar to warn a driver about objects in the blind spot of a vehicle. (‘927)
Object sensing system in a vehicle by using the steering angle to limit the range of the system to avoid false alarms. (‘486)
Tire pressure monitoring and keyless entry control. (‘374)
A dual rate communication protocol to improve communication of seat content data to an airbag system. (‘775)
Controlling propulsion in a hybrid vehicle by switching between different sources of propulsion power. (‘601)
In a recent joint status update on April 13, 2015, it was disclosed that Signal IP and Jaguar Land Rover have reached a
settlement in principle.
While three patents will be knocked out due to claims being found indefinite there are at least two patents that received
favorable claim definitions and two more that should have enough coverage for Signal IP to either negotiate settlements or
successfully litigate at trial. In a prior joint status update MARA proposed $1.4B in potential damages. The MARA
management team has been very successful to date negotiating settlement agreements after a Markman order is issued. The
post Markman Opinion timeframe is where the company has previous success with the Vantage Point portfolio being the most
recent benchmark. A Markman Opinion was issued on February 11, 2015 and MARA announced a licensing agreement
covering 14 defendants on February 26, 2015. Due to damages and awards potentially being materially higher in the Signal
IP portfolio, I do expect a handful of defendants to try their luck at trial.
I view the Signal IP Markman as a positive event and I look forward to the MARA management team to execute a number of
agreements throughout the rest of 2015.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
1, 17 and 20 Indefinite.
21, 22 Not Indefinite
Indefinite
Indefinite
Cases with Ford and Fiat were transferred to Michigan and a scheduling conference is set for
April 29, 2015. Patents asserted include:
• ‘601
• ‘486
• ‘927
• ‘375
• ‘007
• ‘374
Patent Claims Asserted Claims Found
Indefinite
‘601 8,9,10,11,13,15,17 8,15,17
‘486 21,23,26,27,28,30,34,35
‘775 6
‘375 1 and 7 1
‘007 1,8,17,18,19,20,21,22 1,17,20
‘927 1,2,6
‘374 1,2,3
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Signal IP Markman Opinion
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
I am long MARA. I have not been paid to prepare or disseminate this report by Marathon or any company discussed. All information has been obtained from
public sources. All opinions are my own. Please consult a financial advisor before making any financial decisions.
Disclosure: I, David Hoff, own stock in MARA. I have no plans to buy or sell any stock
within the next 72 hours. I wrote this report myself, and it expresses my own opinions. I have no business
relationship with any company whose stock is mentioned in the article.
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MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
Redefining Patent Monetization
IP HAWK
David Hoff [email protected]
@theiphawk http://theiphawk.blogspot.com
