Wave Systems Corp. (fka WAVXQ)

[dig space]

alea, that is kinda what I was saying (or thinking) at least. So while the royalty restructure looked potentially good at first (lower TPM higher SED royalties with SED a much bigger ticket) what appears to be the case is simply one of lower royalties. Wave has the piece that loses money, Credant the piece that makes money. And that going forward the Wave bundle will eventually perish.

Dell gave Wave a good solid window to perform in, and Wave leveraged it to the max (bought SFND, developed scrambls and Knut or whatever it is).