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Motorola also said it was creating a subsidiary, Thoughtbeam Inc., to develop the technology further.
In creating a subsidiary, he was able to tap into some $2 million in European Union funds for the project.
Stanley Schlesinger, the board president, said the co-op had considered selling off some of the property or creating a subsidiary corporation made up primarily of shareholders.
On April 30th Barnes & Noble said it was creating a subsidiary, called NewCo for now, into which it would put Nook and its "college" business, which has 641 bookshops on American campuses.
Governor Pataki is considering creating a subsidiary of the Empire State Development Corporation as the authority that would oversee the downtown reconstruction projects, according to state officials and others involved in the negotiations.
Instead, the Trust for Public Land bought about 60, which are largely managed by Greenthumb, part of the New York City Department of Parks and Recreation, and the New York Restoration Project bought about 50, creating a subsidiary, the New York Garden Trust, to oversee them.
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But in 1946, Steve Broidy, owner of Monogram, created a subsidiary, Allied Artists, to make better-quality movies.
Yellow created a subsidiary in 1995 to manage technology; it now has 325 employees.
Last year, Norfolk Southern created a subsidiary, Thoroughbred Technology and Telecommunications, or T-Cubed.
For added security, the buyer could create a subsidiary that would buy the firm that has the liabilities, he said.
The pair have teamed up to create a subsidiary, provisionally named Newco, which could eventually be spun off.
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