Wave Systems Corp. (fka WAVXQ)

[scorpio_esq]

My guess, and it's ONLY a guess, is that some variant close to your first alternative obtains. I get the sense that the bulk of Wave's software development to date is based on, or draws heavily from, the GVTPM abstraction... the API's, the developers' tools, the TPM management software, etc. It looks like the GVTPM is the abstract formalization of the 'state of the art' and includes elements that might have been licensed, along with the results of developmental work that cannot be licensed, but which constitute 'trade secrets' or intangible goodwill, in the legal sense, which serve to give Wave a central role in the trusted computing space, and a tremendous competitive lead over any potential competitors. JMO, of course!