RE:RE:Further thoughtsIMO, there will be no (official) appraisal value for the business forthcoming as they do not intend to sell. If they decide to spin it off as a public company, its value will be that of: PNG book-valued assets (which they just wrote down substantively) + about 50% of the cash on hand (less the RoC - around $5MM). Other than that, I can't think of an alternate valuation, unless they consider a public-raise of cash.
I believe that having current shareholders recapitilize the PNG ops after the RoC is off-the table; if they spinoff as a public entity, there's no reason for shareholders to buy back what we already own.