mmbg, I certainly felt the Credant acquisition was a concern,
and that was born out to be true. in Wave's defense Credant offered a greater portfolio of DLP products - things that sold - than wave had, to this end one could argue SFND purchase was too late, and may be among the things that spurred it on.
the patent portfolio IMO is rather thin, it is developed IP one would be buying, and hence not crazy multiples that strong patents provide.
on the Class B shares, the families continuous feeding has largely made those a null point. Even with the 5x voting multiple the shares are now still counted in the thousands, not the millions.
I believe one could replicate Wave through their own R&D, not worry about patents, and do so for a reasonable sum. It would be cost + time premium for development + cash flow that determines the value of Wave. The patents story looks like malarky, but maybe a deep pocket outfit could actually extract value through threat of enforcement.
The above content is my opinion.