No, the price is 38 cents today. Both longs and shorts should be able to agree that the true value is NOT 38 cents
To some extent that's what we do with all companies between reports, but no doubt people prefer to be able to trade instead of waiting 2-3 years first! Hence the TRW-shares should have a discount. However, if you believe that the appraisal is somewhat accurate, and that TRW will be able to list somewhere in the next 3 years, then "closing your eyes and hope for the best" is not correct. Sure, you don't know how profitable TRW will be upon listing and what PE-ratio we will get, but assuming no growth and a PE of 10 the TRW-distribution alone is worth several times the current PPS. You're not willing to wait 3 years to get an x-bagger? (assuming that you believe that the appraisal is somewhat accurate and that TRW will be able to list somewhere in 3 years that is)
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