Wave Systems Corp. (fka WAVXQ)

[24601]

They raised $122 million at $34 per share in the spring of 2000.

They blew some of it on ineptness, some on self-indulgence, and some on rolls of the dice.

But they also put a lot of it to good use, developing valuable stuff including:

--- intellectual properties (patents granted and pending, copyrights, and other matters proprietary, some invented and some acquired); and

--- important (albeit not yet fully productive) business relationships.