LiquidMetal put all the relevant IP into a new company.
That new company gave Apple an exclusive perpetual license for using the technology in computers / electronics
That new company gave LiquidMetal an exclusive perpetual license for using the technology in everything else.
Apple bought a perpetual exclusive license to use LiquidMetal for electronics.
All that's great and everything, but what exactly is Liquidmetal, anyway? Basically, it's "the world's premiere spring material." At least according to Liquid Metal technology demo video:
The corporate website boasts that Liquidmetal "is a creator of a new metallic, glass, substance that stores energy much better than stainless steel or Titanium" and has "more than twice the strength of Titanium with the processability of plastics," and goes on to say that its alloys "are poised to render obsolete current materials technology."
Now the big question: What will Apple use it for? Bounceable iPhones? Perhaps the new metal back panel rumored to arrive in the CDMA iPhone in January?
Cult of Mac thinks it would be a good guess is for casings in future iPhones, iPods and iPads.