About 300 million shares outstanding so 0.2/s = about 60million....

About 300 million shares outstanding so 0.2/s = about 60million. The company had over 30 million in cash at last financials at end of Dec 22. They own according to their annual report 20% of LLL and carry that at a value of only 100m. So at today's price that is actually worth closer to 180 m. Based just on the LLL and cash I would say they are worth much more than 0.2/s more like 0.70/s just for these two items. That give zero value for their other assets, some of which may only be worth zero. I don't own FFX nor have I done any work on it but I would say your are right even the liquidation value of FFX is much more than 20 cents and increases as LLL increases.