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Patent Troll Values Its Entire Portfolio At $2, Goes Bankrupt (arstechnica.com)
mspohr shares a report from Ars Technica: In September 2018, Shipping & Transit LLC (formerly known as ArrivalStar) filed for Chapter 7 bankruptcy -- voluntary liquidation -- but no one seems to have noticed until the Electronic Frontier Foundation pointed it out on October 31. The company claimed that it held the patent on vehicle tracking and related alerts. But about 15 months ago, judges began to rule against Shipping & Transit for the first time. That seems to have put a damper on its entire business model.
Now, according to Shipping & Transit LLC's federal bankruptcy filings, its global patent holdings (34 in the United States and 29 elsewhere) are worth a whopping $2. Meanwhile, it owes more than $423,000 to numerous creditors, including banks, law firms, and something called the "West African Investment Trust," based in Geneva, Switzerland.
Now, according to Shipping & Transit LLC's federal bankruptcy filings, its global patent holdings (34 in the United States and 29 elsewhere) are worth a whopping $2. Meanwhile, it owes more than $423,000 to numerous creditors, including banks, law firms, and something called the "West African Investment Trust," based in Geneva, Switzerland.
I believe and "Womp Womp" is in order?
One patent troll gone. Good riddance. How many more to go?
The problem with patent trolls is that you cannot win against them. If you lose, you pay a fortune. If you win, they have no assets, go poof and tomorrow you have the next patent troll come into existence, with the same shysters, the same office and a new "creative" name.
And as long as this is legal, it will continue.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
Sometimes patents should just be made available for everyone. This is one of those times.
They probably transfered them to another company for $2 and will start again
> How many more to go?
Four.
Three or four companies file half of *all* patent suits. The total number of patent suits includes all of the legitimate business disputes, so probably 90% of the trolling is those few companies.
To pretty much solve trolling, one only needs to study the business model of those few companies and figure out how to disrupt it, how to make it not profitable.
You hear about lots of different companies being victims of trolling, and different patents being trolled, so it seems like a large issue. It's the same plaintiffs over and over though.
Someone should check previous claims they made to investors and the courts prior regarding the value of their portfolio and charge them with fraud if they don't line up.
Because it takes a patent troll to scam a Nigerian prince.
On a similar note, 39% of of cases by high volume plaintiffs were heard by Judge Gilstrap in the Eastern District of Texas. He had 24% of all patent cases in the country. In other words, Judge Gilstrap was 39% of the problem.
Last year, the Supreme Court held in TC Heartland that patent plaintiffs can't venue shop like they used to. Now,
Gilstrap is down to only 9% of all patent filings and 15% of HVP filings.
That's a big improvement. Getting of Gilstrap would be a major win. He's one guy.
Ps, while Gilsap previously had 39% of HVP filings, Judge Robert William Schroeder III, had 24%. That's 63% for just those two judges.
After TC Heartland, only 3% of filings go to Schroeder.
Some people think that to fix this we have to completely throw out the patent system. These two judges, two people, were 63% of the problem. Handle those two guys and you're most of the way there.