As of the end of the first quarter the company had .86/share, roughly 62% of market cap in cash. Including the 3 million due about a year from now from Ocimum(13 months) they had .97/share, roughly 66% of market cap in cash.
Something to keep in mind:
"we hold an equity investment in one company (Xceed Molecular, formerly MetriGenix) with a remaining book value of $3.0 million as of December 31, 2007"
Keep in mind that book value is is just that.
I am certainly not saying this is a buy, although I own shares at .45 average, down over 25% now.
I think Miller wanted to liquidate or sell the company but I cannot be certain. His .72 shares look attractive now. The threat with him was that he could have put up a new slate for the BOD with his ownership of 15% and that could have changed the course of the company, something that the BOD was unanimously against.
