The motions to retain KPMG and Roth both have 3 month terms, so I don't necessarily expect to see anything anytime soon. There is the clause that Valence can sell itself at any point during the term of the engagement and simply pay both KPMG and Roth a 500k flat fee. So we may be waiting 3 months to see something, we may see something sooner, or at the end of the three months, it could just go the way it was supposed to 5 months ago with Berg funding the exit. Valence does have one major asset besides the IP - that would be the NOLS. Based on the accumulated deficit - I'd guess the NOLS are in the neighborhood of 500 mm - those have significant value to a profitable buyer, like JCI, if a deal can be structured such that the NOLs are limited - and that is much easier in BK due to the IRC code section 382 'bankruptcy exception' - which may very well be another good reason that Valence is still sitting in court, motioning for 3 month engagements to look for exit financing, all in complete contradiction to the originally announced plan to be out of bk by end of 2012.
