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Name and title: Raymond Millien, general counsel Age: 36 The company: Ocean Tomo LLC is the world’s first intellectual capital merchant banc (spelled with a “c” due to a quirk in the Illinois banking code), established to help companies protect their intellectual property rights and assist them in realizing maximum value from their IP assets. Operating at what its president called “the intersection of intellectual property and private equity finance,” Ocean Tomo’s services encompass several categories: It provides expert witnesses in patent, trademark or copyright cases; its corporate finance practice dispenses investment advice with a focus on intellectual property assets; and it brokers transactions if a client buys or sells an IP portfolio. The company also performs twice-yearly patent auctions, including the first one ever held. Ocean Tomo offers valuation work including appraisals, patent analysis and patent ratings. It is engaged in asset management and risk management, concentrating on IP-based investments. The firm, he emphasized, is not a patent “troll.” “The whole point,” he said, “is to make IP a more liquid asset.” Clients include major corporations, law firms, governments and institutional investors, as well as individual inventors selling their patents. “Global 1,000 companies,” licensing firms and entrepreneurs participate as registered bidders in its auctions. Established in 2003 and held privately by its approximately 70 employees, Ocean Tomo is based in Chicago, with branch offices in San Francisco; Bethesda, Md.; Greenwich, Conn.; Orange County, Calif.; and Palm Beach, Fla. Millien declined to discuss revenues. As for its name: Ocean refers to its desire to be a global company of affiliates; Tomo means friendly in Japanese. Ocean is also an acronym for Open Continuous Exclusive Adverse and Notorious, referring to its goal of “not having squatters’ rights on people’s IP.” Daily duties: “A specialist quickly becoming a generalist,” Millien is “pulled in different directions” by his firm’s “highly entrepreneurial” employees. He works on Ocean Tomo’s patent auctions and amasses the necessary documents, licenses and permits. Every jurisdiction has its own auction laws, and Millien fulfills the pertinent regulatory and compliance requirements. Contract management, scripting engagement letters, participating in joint ventures and business development work are other responsibilities. “A lot” of time is spent on drafting, reviewing, phone calls and meetings. Millien is in charge of mergers and acquisitions. He is setting up the asset management group, attending to various regulatory aspects under securities laws. He handles Ocean Tomo’s internal IP portfolio, trademark licenses and outward licensing, and supervises external counsel in preparing its own patent applications. The private company is not obliged to abide by the Sarbanes-Oxley Act of 2002, but Millien is setting up internal safeguards similar to the act’s prescriptions. He deals with the Securities and Exchange Commission and NASD, formerly the National Association of Securities Dealers. Ocean Tomo’s employee-owned status presents Millien with special challenges. When he worked in-house as vice president and group intellectual property counsel at American Express Co., he represented the shareholders-”all 200 million of them.” At Ocean Tomo it’s more personal. There are no outside investors, so “every decision I make will affect people a few doors down from me.” Patent products: Millien provides legal support to the Ocean Tomo Patent Ratings software platform, which objectively scores and rates patent quality. He licenses users and is involved in the business development of companies that seek to use it. Applying the software to the Brookings Institute’s premise that “79% of a company’s value is based on its intellectual assets,” Millien’s firm created the Ocean Tomo 300 Index, highlighting the investment potential in companies with the strongest patent portfolios. It offers the index to investors and manages a fund financed through its recommendations. Millien also works with the Ocean Tomo Capital Fund, which finances companies with promising intellectual property portfolios. The GC also explores risk-management products. Legal team and outside counsel: Ocean Tomo’s legal department “is me,” Millien quipped. If he can’t handle the work himself, he deals primarily with two outside firms. He turns to Chicago-based Vedder, Price, Kaufman & Kammholz for securities law and corporate matters. The intellectual property boutique Sterne, Kessler, Goldstein & Fox in Washington focuses on Ocean Tomo’s IP agenda. Millien reports directly to President and Chief Executive Officer James E. Malackowski. Route to present position: Following law school, Millien commenced his career at Sterne Kessler in 1997. He concentrated on patent preparation and prosecution, litigation support and opinion work. He evolved into a transactional and licensing specialist, and to further focus on those areas moved to what is now DLA Piper Rudnick Gray Cary. From 2001 to 2004 he supported the corporate securities group as an IP attorney in mergers and acquisitions, loans and other transactions. He also maintained a slate of “typical patent law work.” In 2004 he joined American Express, serving as its general counsel. He became Ocean Tomo’s GC this year. Personal: Brooklyn, N.Y.-born Millien is a self-described workaholic and “big” Yankee fan. He and his wife, Tiffani, are the parents of Spencer, 3, and Katherine, aged 4 months. Millien holds a 1992 bachelor’s from Columbia University’s school of engineering and a 1997 juris doctorate from George Washington University Law School and said: “I have the most exciting job in IP from a legal perspective, without a doubt.” Last book and movie: The Economic Structure of Intellectual Property Law, by William M. Landes and Richard A. Posner, and Hustle & Flow.

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