If GERS stock was worth $3.20 instead of 15¢, don't you think that Kevin, who owns most of the shares, would've confirmed or hinted at the fair value by now? The dollar value of his own shares (and ours) would multiply!
At the very least, he would've said that the fair value was a multiple of the current trading price. Even if S.E.C. laws and regulations prohibited him from talkng directly about the stock price, he could very legally release enough factual information about the company to imply that GERS stock is badly undervalued.
He hasn't done that, so the stock isn't worth a multiple of the current trading price.
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