Quote:

---

RINGES: I think there are some issues there. Manny, correct me if I’m wrong because you’re much deeper into this than I am, but I think sophisticated businesses have largely found a way to get their patents issued in the U.S. despite the 101 issues. They understand exactly what they need to get through the patent office. The issue in the U.S. comes down to enforceability and how do you use those patents in the right way? So, enterprises like IBM can still get their patents issued in the U.S. and then decide whether to have them issued in Europe or China. But the less sophisticated entities that don’t necessarily have the budgets are finding much more trouble getting things done in the U.S. and that’s why we see investment, at least in patent assets, and probably investment in development, moving to places like China and Europe.

---