So, what is the IP worth?
It would strike me that it would take a lot of money for an interested party to replicate the technology. They would also need to deal with the bankruptcy trustee/court and likely, Ed. They would clearly need what is in Mike's head, and it would be an open question as to whether he would play ball.
If you were big anything, would it be better to make an offer for the company so as to: 1) gain access to the tech before a competitor; 2) not deal with Ed, et. al.; 3) work with Mike so as to preserve the IP and the regulatory processes, etc.
Is any of that worth more than the current $3MM market cap?