PLEASE DO YOUR OWN DUE DILLIGENCE - I THINK IT'S WORTH A GAMBLE - GAMBLE BEING THE OPERATIVE WORD - THIS IS PURE SPECULATION AND PROBABLY A HYPE STOCK - BUT FOR ME IT IS WORTH A SHOT
Solomon Announces ITC/Toyota Hearing Date Friday April 28, 3:17 pm ET
TARPON SPRINGS, Fla., April 28, 2006 (PRIMEZONE) -- Solomon Technologies, Inc. (OTC BB:SOLM.OB - News) announced today that the U.S. International Trade Commission (ITC) has scheduled the hearing on the patent infringement complaint brought by Solomon against Toyota Motor Corporation (NYSE:TM - News), and certain of its affiliates, for October 30 through November 3, 2006. The ITC acts as an administrative investigative body to determine, among other things, whether or not goods imported into the United States infringe U.S. patents. The scheduled hearing at the ITC is roughly equivalent to the fact finding function of a trial in a judicial court.
Solomon President Peter W. DeVecchis, Jr., said, ``The schedule recently promulgated by the ITC in this case is a major help in bringing an important aspect of our allegations quickly into focus. The expedited hearing and adjudication process at the ITC will allow us to bring the facts in this matter to the forefront without the extended process normally associated with patent infringement litigation in the Federal District Court system.''
He continued, ``Our action against Toyota in the Federal District Court in Tampa has been stayed pending resolution of the ITC case. We plan to pursue the Federal District Court action aggressively once the ITC case has been resolved.''
As previously announced, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. has been representing Solomon in its pending claims against Toyota. Solomon brought suit against Toyota Motor Corporation, Toyota Motor Sales U.S.A. Inc. and Toyota Motor Manufacturing North America in the United States District Court for the Middle District of Florida, Tampa Division, on September 12, 2005, claiming infringement of a number of claims in Solomon's U.S. Patent Number 5,067,932, primarily relating to Toyota's use of the technology in its Prius and Highlander Hybrid vehicles. On January 11, 2006, Solomon filed an additional complaint against Toyota with the United States International Trade Commission seeking to exclude importation of the infringing technology.
If Solomon is successful in its ITC action, Toyota could be prohibited from importing into the United States infringing combination motor and transmission systems and those products containing such systems, including the Toyota Prius and Highlander models.
IP: Logged |
posted
SOLM was up approx. 30% yesterday. I am not sure why my other thread was closed for SOLM but it was. Anyway, it is up again today around 10 cents at 1.92. It hit a high of 2.09 so far today. The chart has definitely broken out on SOLM.
IP: Logged |
I don't know. The court date with the ITC/Toyota Hearing date is Oct/Nov this year - it's coming up very soon. I doubt very highly that Toyota is going to risk a trial and go for a settlement. Given that they would stand to lose a lot if they could no longer export the Prius or Highlander to the USA. Let's face it - hybrids are the hot cars right now. It is very hard to guess what the settlement would be - I have no background in this - but a wild ass guess would put SOLM at 10-15/share.
IP: Logged |
posted
This came in a teaser newsletter about the small company's claim against a major auto company concerning hybrid engine patent infringement -I put two and two together because SOLM makes the "dual input" part for hybrid engines, and has a claim against Toyota - too close to be a coinsidence in my book.
It's claim: that the original patent for the very technology that allows "dual input" of power (gas and electric) into a variable drivetrain (a transmission) was granted in 1991 - and that since it acquired the company that held the original patent in 2001, it is now its intellectual property.
Apparently, it's got an ironclad case. Aside from its obvious merits, consider:
A Florida finance company has agreed to front all the legal expenses incurred in the prosecution of the case - in exchange for a 40% cut of the final award. A household-name international law firm with over 450 attorneys and offices in New York, L.A., D.C. and London has agreed to represent the plaintiff Earlier in 2006, the U.S. International Trade Commission opened an investigation into the patent infringement claims - the result of which could be an immediate injunction on imports and sales of all offending products. The Tampa division of the U.S. District Court for the Middle District of Florida has agreed to hear the case, should it go to trial. Now, I don't know about you, but in my experience, major law firms and finance companies don't usually agree to back a plaintiff that has no case - and the ITC doesn't generally waste time and money pursuing frivolous claims. Add this to the soon-to-be-defendant's utter silence on the matter and you've got a recipe for just one thing: A hush-hush out-of-court settlement that allows a booming business to continue uninterrupted..
IP: Logged |
posted
interesting.... - TM delaying launch of some of its vehicles (unnamed) due to quality control issues.
Toyota's Quality Control Woes
By TSC Staff 8/25/2006 8:05 AM EDT
Toyota Motor's (TM - commentary - Cramer's Take) attempts to improve quality controls may delay some models by as much as six months, The Wall Street Journal reported Friday.
The story comes as the General Administration of Quality Supervision, Inspection and Quarantine of China said Toyota will recall 20,069 Crown sedans made in China because of defective rubber strips that seal the windshields, according to The Associated Press. The Chinese agency said it hasn't received any reports of accidents or injuries related to the problem, a weak adhesive that may case the rubber strip to fall off when the cars are traveling at high speeds. Meanwhile, Japanese authorities are investigating three Toyota officials suspected of failing to correct a faulty steering mechanism, which may have caused a 2004 head-on accident that injured five people, the AP said.
IP: Logged |
posted
Just had a thought, this delay quite possibly will increase Toyota's sensitivity around scandals/reputation which could increase their necessity to come to a quick & quiet settlement with SOLM and the ITC. They are already on their on ITC's radar with not disclosing the steering defect, their recalls. Just a thought.
Good luck all - hope you have a wonderful weekend.
posted
why not, Repoman - it's Friday (lol). TGIF my friend. Who knows? I am here sitting with tornado warnings. So, I am not going to wait until I can't find the vodka. The martini shaker is set and ready for action.
posted
Repo, I don't know what to tell you - I can't believe that this thing keeps moving like this - I had to go in and check where I got in because I didn't trust my memory - in at 1.83 btw. I have seen it pull back, so you might get a chance, and I hate chasing too. I am hoping, as a SOLM long, that this is under heavy accumulation because the Toyota hearing is getting closer by the day and possibly bringing about a sizable settlement - who knows - wild ride though
IP: Logged |
posted
clearly it's a wild ride - I disagree, and obviously a lot of other people disagree with you based on the buying, that it is a long way off. The court date is set in the near future with the ITC and Toyota. IF, there is a settlement, it could come any time. I don't know. I'm glad that I am in just in case they settle. Nothing we say on this board is moving the stock - it's not about this board - stock starting flying well before my post - low of .23 this year
IP: Logged |
posted
Hmm. Speaking of conspiracy theories -- could it be GM / Ford / other domestic losers trying to wedge Toyota out of the market? I imagine these folks have enough pull to get ITC / Florida courts to do things for them... and would love to see Toyota lose some of its market share.
-------------------- the market is not your mother
IP: Logged |
posted
A question, actually.. how substantial do you think this settlement would be? Someone mentioned SOLM target at 10~15 dollars per share?
If their market cap is 68M and PPS is at ~2.5 right now -- the $15 PPS would give them a market cap of ~400M...
So let's say $400M from Toyota's pocket -- TM has a market cap of $175B, with PPS at $107 today. Would this potential cash transfer have any effect on the TM price? Half of a point, maybe?
Comparing this with the likely impact of an import ban, makes the settlement very likely -- provided of course that the case is won.
-------------------- the market is not your mother
IP: Logged |
posted
I think this is the pull back you were looking for repoman - this stock is a wild ride that's the only think I know for sure - obviously, I am holding may add if it dips lower
posted
Interesting, throwing GM and F into the mix - very interesting. The teaser investment letter that I got pointed out big money funding/law firm behind this suit - I posted the letter on this board. anyway - a tidy sum of a settlement not out of reach at all. So, I stand behind my wild assed guess of 10-15/share for SOLM - if the settlement comes in, it would have a huge impact.
it's a gamble though - let's not kid ourselves - but risk reward - looks good to me
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
