Again, have they sued anyone? Has any company/institution they've dealt with actually been wronged?
And, as far as the patent buying goes, I don't really see a moral hazard with arbitrage. Either the market for patents is really inefficient and they're reaping rewards for exploiting that, or they're actually (gasp) providing a service to the market by connecting companies to institutions, and they're being compensated for it. Either way, I'm thumbs up on the enterprise.
They don't make money hand-over-fist by being nice. Licensing the patent is the first step. If a company doesn't agree to license, then the IP firm sues. So far they have gone after those with the deep pockets or insufficient intestinal fortitude it takes to pay up when these bastards come knocking.
And, as far as the patent buying goes, I don't really see a moral hazard with arbitrage. Either the market for patents is really inefficient and they're reaping rewards for exploiting that, or they're actually (gasp) providing a service to the market by connecting companies to institutions, and they're being compensated for it. Either way, I'm thumbs up on the enterprise.