Post on 21-Dec-2015
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MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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
iphawk@outlook.com
Signal IP Markman Opinion
IP HAWK
David Hoff iphawk@outlook.com
@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.
DISCLOSURE:
The information contained herein is not intended to be investment advice and does not constitute any form of
invitation or inducement by David Hoff to engage in investment activity. Neither the information nor any
opinion expressed constitutes a solicitation for the purchase or sale of any security. Securities, financial
instruments, strategies, or commentary mentioned herein may not be suitable for all investors and this material is
not intended for any specific investor and does not take into account an investor’s particular investment
objectives, financial situations or needs. Any opinions expressed herein are given in good faith, are subject to
change without notice, and are only current as of the stated date of their issue. Prices, values, or income from any
securities or investments mentioned in this report may fluctuate, and an investor may, upon selling an investment
lose a portion of, or the entire principal amount invested. Past performance is no guarantee of future results.
Before acting on any recommendation in this material, you should consider whether it is suitable for your
particular circumstances and, if necessary, seek professional advice.
FORWARD-LOOKING STATEMENT
This report may contain certain forward-looking statements and information, as defined within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to
the Safe Harbor created by those sections. This material contains statements about expected future events and/or
financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward- looking
statements by definition involve risks, uncertainties and other factors, which may cause the actual results,
performance or achievements of mentioned company to be materially different from the statements made.
COMPLIANCE PROCEDURE
Content is researched, written and reviewed on a best-effort basis. However, we are only human and are prone to make
mistakes. If you notice any errors or omissions, please notify me at iphawk@outlook.com.
NO WARRANTY OR LIABILITY ASSUMED
David Hoff is not responsible for any error which may be occasioned at the time of printing of this document or
any error, mistake or shortcoming. David Hoff has not been compensated for this report. No liability is accepted by David
Hoff whatsoever for any direct, indirect or consequential loss arising from the use of this document. David Hoff
expressly disclaims any fiduciary responsibility or liability for any consequences, financial or otherwise arising from
any reliance placed on the information in this document. David Hoff does not (1) guarantee the accuracy, timeliness,
completeness or correct sequencing of the information, or (2) warrant any results from use of the
information. The included information is subject to change without notice.
MARATHON PATENT GROUP (MARA)
April 20, 2015
David Hoff Founder
iphawk@outlook.com
Redefining Patent Monetization
IP HAWK
David Hoff iphawk@outlook.com
@theiphawk http://theiphawk.blogspot.com