To the extent recent weakness has been caused by details of the reexam, we'll look back on this as a classic buying opportunity. I am not at all concerned about the USPTO questions and challenges. While I have no direct experience with the patent office, I do have a ton of experience with examiners from a similar government entity, the IRS. I am certain they function in much the same way.

IRS examiners are bureaucrats, and are encouraged to raise as many issues/adjustments with the taxpayer as possible, no matter how weak or ridiculous their position. In corporate auditing, their philosophy is to throw as much mud on the wall as possible, hoping something will stick. I worked with these folks for years while employed by a Fortune 500 company, and the ultimate tax bill owed and paid was likely 5-10 cents (or less) for every dollar of tax liability the agents proposed. It is a blessing naive shareholders never hear the details of corporate tax audits!

I suspect a similar dynamic is at play here. It's just part of the game. I have confidence, first and foremost, that the patents are solid. Moreover, after TPL and TT&C are finished with the USPTO, they will likely be strong as a bank vault (great analogy, LOL). The long trail of licensees (especially the likes of Intel and AMD) cannot be ignored.

Unfortunately, more patience is needed, along with more and better communication from PTSC of course. Looking forward to Ron's post this weekend.