April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Thoughts From the Hawk

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.

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

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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
David Hoff

Signal IP Markman Opinion

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

Indefinite

Indefinite
1, 17 and 20 Indefinite.
21, 22 Not 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

375

1 and 7

007

1,8,17,18,19,20,21,22

1,17,20

927

1,2,6

374

1,2,3

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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Signal IP Markman Opinion

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.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.

April 20, 2015

IP HAWK
MARATHON PATENT GROUP (MARA)
Redefining Patent Monetization

David Hoff

David Hoff
iphawk@outlook.com
Founder
@theiphawk
http://theiphawk.blogspot.com
iphawk@outlook.com

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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The information contained herein is not intended to be investment advice and does not constitute any form of
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Before acting on any recommendation in this material, you should consider whether it is suitable for your
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This report may contain certain forward-looking statements and information, as defined within the meaning of
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mistakes. If you notice any errors or omissions, please notify me at iphawk@outlook.com.
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