I think some are too concerned about a highly improbable event (a buyout). Anyone in this stock expecting a buy out or even a decent probability of one should not be in it.
If you need data to support that view, I would suggest trying to find a npe that has been acquired by an operating company that is litigating against it as a settlment tactic.
My guess is you'll find less than one percent or even zero percent . I can assure you that how I explained the process of valuing a company is indeed correct. I have spent my career in that field. While what I described is only one method, it is the method that would be used in this situation and certianly the manner in which a board would consider any offer. You can always search the following on Google if you want to learn about it.
Search M&A valuation methods and the following;
Discounted cash flow method
Comparable transactions
Those are the two most utilized methods and given the inability to find an apples to apples comparable transaction in a situation such as this, the dcf method would be relied upon.