Vringo Inc., the patent assertion company that lost $200 million of market value after an adverse appellate court ruling on Friday, probably won’t succeed in winning an en banc review of the decision or in reversing the decision, and will have to live with the consequences.
That’s the assessment of Rob Kramer, one of the founders and the managing partner of Altitude Capital Partners, a private investment firm launched in 2005 to focus on investing $250 million of capital in businesses which own compelling intellectual property assets.
“En banc reviews are very rare,” Kramer said in an interview. “Vringo was successful in some re-exams so the Federal Circuit’s ruling is a little surprising.”
The Court of Appeals for the Federal Circuit on Friday reversed a 2012 jury verdict ordering Google Inc. to pay Vringo $30.5 million in damages plus a running royalty, which could have amounted to hundreds of millions of dollars. In the 2-1 ruling, the Federal Circuit reversed the verdict after finding that Vringo’s patents for a method of filtering Internet search queries was invalid because of obviousness.