Legacy share valuation is something I have found quite useful in analyzing shells, and identifying undervalued opportunities in the shell market. It is a way to compare apples to apples, and oranges to oranges.
In the case of PHBR, the legacy shares are the roughly 11.1M shares that existed before Lazar awarded himself the 18M control shares. So at the current share price of .055, PHBR's legacy shares have a valuation of about $610K. As a very general rule of thumb, it seems like many of Lazar's shells reach legacy share valuations in the range of $1.5 to $5 million, and sometimes significantly higher.
I picked up another 30K shares in the PHBR shell today (currently averaged in under .046/shr). The usual reverse merger potential risks apply here (negative structural changes/reorganization, etc.), but the overall risk/reward looks pretty attractive to me.
It is unclear at the moment if David Lazar simply forgave the remainder of his $40+K debt, or whether he will receive some shares at some point. The general text of the 8-K filing did not address this issue. The detailed share purchase agreement would normally answer this question, but it was not included with the change-in-control 8-K.
Once this churning around the 5-7 cent area is completed, things should get a bit more interesting. I am initially targeting a move into the 15-20 cent range, which I think would be a reasonably achievable legacy valuation around the $2M area.
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