After the merger, AAH was expected to have $167mil in cash and...

After the merger, AAH was expected to have $167mil in cash and 235mil shares on issue, so that's cash value of $0.71

Add to that the $17.7mil recently received, less running costs since the merger, add the $100+mil expected in from the current patents until they expire in 2010... gives a cash value (before discounting and other running costs) of around $1.20.

So it's pretty much trading below cash value right now!