Senior Associate Editor Samuel K. Moore today revisits an "old case" to bring the facts up to date—with a surprising twist—and set the record straight.
Samuel K. Moore
Last October, I wrote a Tech Talk entry about how Patriot Scientific, against all odds, had managed to squeeze tens of millions of dollars from big-name electronics and semiconductor makers in exchange for a license to microprocessor technology that it had essentially lucked into. I ended that entry noting that one of the technology's co-inventors, Russell H. Fish III, or rather his family trust, had sued for a piece of the action and that Fish and Patriot were in mediation.
Well, it looks like Mr. Fish will get his millions. In the company's second quarter financial statement, Patriot revealed that it had set aside US $6.35 million "as an expense related to a settlement in principle reached during mediation" with Fish. If the mediation is finalized, Fish will get $3 million in cash and 5.5 million shares of Patriot stock at 60 cents per share. Under the agreement, Fish could also get the equivalent of 2 percent of the next $100 million in licensing fees. (For some reason, that part of the deal excludes the first $20 million collected after 1 December 2006.)
This wasn't Fish's first tussle with Patriot, by the way. The outcome of an earlier battle was not so favorable.