The $3 or $4 for TRW shares is a proper valuation for now. The inability to sell your shares is offset by its growth potential. Because it could easily be worth $20 at time of IPO.
It's about putting it in black and white in an F-1 filing or 8-k or whatever that will persuade investors to buy the stock. I previously mentioned big players, millionaires, hedge funds and even institutional investors.
It's the same for cash dividends or a dividend policy. They don't have to pay it now. As long as the shareholders can be certain that they will get it. Then a quarterly dividend policy would have the same effect, where the stock would go up until the yield on an annual basis drops below 10%.
Right now we are at 1.22 because of all the dumpage and uncertainty surrounding everything. Words don't mean anything. Only actions and results.