Joined Nov 11, 2007
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Gilford Securities Issues Report on $VHC: $65 p/t

Judge Davis’’s action on January 4th was firm, in our opinion, establishing a tight framework for AAPL to provide additional financial/shipment data –– we viewed his action favorably as it implies he may be in a position to record an Entry of Judgment (final ruling) within a period of weeks, not months (likely triggering the appeals process). The specifics re the submission of materials (dates) eliminates the risk of lengthy legal tactics used to ““buy time””, and more importantly Judge Davis continues to remain deliberate and steadfast –– his consistent actions imply his language/opinions (embedded within the final ruling) may be stern but measured. We anticipate a final ruling to be recorded shortly after all data/motions (VirnetX) are filed, providing a greater degree of clarity for investors. In our view, all parties involved understand that it would be very beneficial for both Apple and VirnetX to resolve the situation, as a formal relationship/partnership is in the best economic interests of both parties for the long-term.

Construction – Judge Davis has a Degree of Latitude

The recording will address all post-trial motions/issues –– however, Judge Davis is afforded a degree of latitude allowing him to be ““creative”” so that he may ““inject”””” his own opinions/guidelines. Considering his knowledge of the situation, length of time involved, and prior actions/opinions, we believe his tone will remain consistent once again – his final ruling will likely be very firm but calculated.


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