Ownership and inventorship of a patent are entirely differently things. A person can be an inventor listed on the patent but has no ownership. If the professor assigns part or all his rights to the school when applying for the patent, then the school will have some or the entire interest. You can apply for a patent yourself. Normally an emplyment contract will specify that if you use facility or resources of the employer then all of your inventions at work must be assigned to the employer.
It is unclear whether the professor assigned his any of his rights to the school. Was the 10% ownership in the company reflecting the 10% ownerhsip in the patent? Did the school record the assignment with PTO? An assignment outside 90 days can be invalidated by a bona fide purchaser without notice.
If the school has some interest, even 10%, it can transfer the entire patent to another one without notice to the professor. It is just like a tenancy in common situation. You should consult a patent attorney to analyze the situation for you.
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