Here' how it will work,
if assets are sold, cash account will increase, book value will increase, and stock will theoretically trade at book, assuming nothing else is done with the cash.
It is unlikely though that the market will think that our tier 1 management team will spend that money wisely, i.e. put out a dividend of the full amount, and so the stock will trade slightly less than book value. Factor in "liquidity risk" due to the fact that Erhc trades on the OTC, and well the stock price will be lower still.
So instead of $3, you would be looking at say $2.50 or thereabouts. How do I justify that, well by using your own words:
"If you don't trust what management will do with that money you can sell at the $3 share price $2B would support."
I think it's fair to say that a lot of folks won't trust this tier 1 cadre of management, and they will sell, automatically driving the price down below $3.
Krombacher
Market Data 
Markets 
AI
