Pre-insanity valuation Prior to COVID and acquisition "premiums"
IRD was worth: $40M
ETC was worth: $57M
Then Quarterhill came along and was desperate to fill the WiLan revenue cliff and paid massive premiums.
Because of those premiums, ther is more debt than cash on the balance sheet, so the remaining piece is WiLan.
Blackberry couldn't close at 10k / patent. So if you think 5-7K per patent you end up with $20-$30M.
Then you have to predict how much cash they burn while they try and find a WiLan solution. They will probably burn more than $30M while they wait and also have to pay Catapult IP for the solution.
This is why this is en route to penny stock status.