here's some very interesting info, page-58

the market provides the evidence

as i explained in my above post, market cap = what the market thinks the net value of a company is

net market value = market value of assets less total liabilities

in MAE's case $23m = X - $45m

a company's liabilities are usually known and the accounting amounts can generally be used, unless the company is involved in litigation or something else of a contingent nature

the market value of assets are not just those recognised for accounting purposes (as these are limited and usually recognised based on cost), but all assets of the company (including management skills etc etc)

another way of looking at it, is "what would MAE be worth unencumbered" (i.e. with the debt). in all honesty it may be more than $68m as the company would not be tied down by interest payments also