I too would favour the Lisensing route, it would take some time to achieve the level of income to fund healthy dividend payments but given the size of he semiconductor market and the significant growth in that market, the wealth creation for share holders is in effect 'having your cake and eating it', as shareholders would also benefit in the rise in share price of a successful company.
There is another route that is my preferred route. That is to sell off PET and retain POET. It would be possible to develop POET as an ARM like company to design chips for specifice purposes maximising on the optical element of POET.
