Insider stitch up
The company has no debt and with only 30 employees minimal liabilities. Forget about x86 emulation that is old history. Transmeta have in the last year licenced their power saving technology to Intel and nvidia for significant fees. Also they have patents critical to transistor back-biasing techniques progressing through the system. The nvidia CEO is on record as saying that transmeta's Ip is critical and that eventually many would have to licence.
So it would appear that at the critical moment where the market is finally moving towards them (65nm and lower geometries) transmeta's board have found a way to take the valuable IP out of public ownership for nothing.