Fair Value Please, page-255

i think you missed the point of the post you referred to.
The point made in the earlier post was simply in relation to why arbitragers haven’t pushed the price to $2.
Its not talking about value.
you may want to argue current price , or market consensus is the value, but a company such as this is extremely difficult to value, you can’t do a DCF as there’s no earnings, it’s all about expectations of future earnings and probability of achieving those, both very difficult to estimate. That future income also includes possible income from sale of the company. .I for one think the market price in this case undervalues , nor do I think the company will be sold to the first indicative bidder for $2, which is why I have been buying.