Maybe 2010 (if using future fully taxed type computations) could potentially be at 20 cents or more with good success.
Selling at pe of 8 plus on strong 2010 expectations. For comparison sake last half of 2009 if fully taxed would be a lot less than 8 cents.
My opinion the stock is not cheap, because the future strong performance is talk until probably around end of 1st qtr 2010.
An interesting agreement from China or elsewhere could take 2010 expectations past this all future mentality to more substantive sooner instead of later.
So the stock is not cheap, but at $1.60 would be cheap if the right announcement takes place.