Ann: $200,000 Convertible Note, page-88

If you presume the Norwood tech is pretty much worthless, and I don't think that's an unreasonable position, but for arguments sale let's put $2m on it. WP and WV have paying subscribers so there is a very boutique market there.

The value shareholders would retain in a takeover will be directly linked to whether or not the tax losses can be utilised. If private equity picks it up they may offer cash of a few $m for those losses on top of the tech. Or if there is some sort of merger or recapitalisation as you describe above then the current holders dilution may be tempered back in acknowledgment of that value.

For example the $15m in cash and assets that the new players bring in to Norwood might be in exchange for 1bn shares instead of 1.5bn shares.