Collateral duh set at par, remove the collateral and you have share holders debt minus the retained earnings paid for the privaledge to use the capital at will as a credit. They will then redistribute that R&D and that is debt for the new equity holders
It's not worth more then par regardless the number of shares cause that is tied to the collateral.
It's not rocket science the good will is the prepaid administration and sales cost and the cost for redirect distribution to new equity holders "treasury stock"