news
The fraud allegation comes in a lawsuit Mississippi officials filed in an unsuccessful effort to block Twin Creeks, a San Jose, Calif. firm, from selling its patents to GT Advanced Technologies for $10 million. The suit was also unsuccessful in blocking creditor Silicon Valley Bank from reaping $7 million from the sale.
Twin Creeks, which is liquidating, offered before the suit to erase its debt by paying $1.25 million, plus giving the state rights to up to $8 million in future technology royalties, income the state described as "highly uncertain."