Thank you - the legal and administrative costs were indeed part of the information I was missing. For the record, and to serve as food for thought for other forum dwellers, below my thoughts on the current share price.
In somma, as I read the settlement, the ADS may currently be spectacularly underpriced, despite its recent surge. And we do not need to dig further into the settlement than its fourth page - here a link for easy reference:
I have entered some line breaks in the quote below to make things clearer, at least for myself:
So into the Fund goes 38.7 USD for every ADS and 0.86 USD per Class A ordinary share held by Renren shareholders at the record date. Note that the 38.7 USD is exactly 45 times the amount indicated for each Class A share.
Then some expenses are deducted. Assume perhaps 10% (30 MUSD) as you suggest (and your guess is clearly magnitudes better than mine).
And then the fund is divided pro rata between the very same shareholders, because the definition of "Renren shareholder" used to determine the value of the fund is the same as the one used to determine who is entitled to money from it.
And unless I miss something, it therefore seems mathematically certain that there will be 0.86 USD in the Fund for each Class A share held by an eligible shareholder at the record date, and that consequently that same shareholder can count on getting 0.86 USD per Class A share from the Fund (minus expenses), each ADS counting as 45 Class A shares.
This is also supported by the final part of point 8 of the document (page 21):
On this basis, the settlement would actually be worth some 38 USD per ADS (minus expenses of, say 5 USD), and the share price should appreciate by roughly one third from current levels, prudently assuming that the rest of Renren is completely worthless.
But the share trades at 25 USD, very precisely, so there may be something wrong with this line of reasoning.