By My calculations this thing has a liquidation value of $15$1,600M -100M (HOOPP Financing) -200M (HOOPP & Berkshire LOC interest) +400M (Berkshire Equity) +0 (net income for the next 4 quarters) -118M (goodwill & intangibles) =$1,582M or $15.21/share fully diluted @104M shares Maybe a bit less if you discount some of the other assets...