Since you asked (about patent value) let me answer with another question: what would the value have to be for the shareholders to receive any benefit? That is the question people here should care about. Indeed, the physical assets and revenue of the company are miniscule: if there is any significant value it must be in patents right?
To simplify, the company is now about $100M in debt. That roughly means shareholders won't see the first $100M of the value. So, do you think the figure is over $100M?
Realistically: can you find a comparable purchase of IP of anything like this size?
My research suggested that the market for barcode related analytics and services, all of it, was in the single-million digits in 2008. People are spending this much worldwide in the line of business this company is directly in. Even a company that had 100% of that... even imagining good growth through the end of the patent lifetime that is a total in the tens of millions. And to make that up you need 100% of the market. And you want to pay less than you make. This suggests a maximum realistic value, if you believe in this technology, of a couple hundred thousand. I think the actual value is lower.
You can disagree, but until you disagree to the tune of a factor of 1000, it implies you as a shareholder will lose all your investment if this company is 'sold' in the most likely way: declares insolvency and assets sold off.
My guess - and this is completely my opinion only - is that this company was effectively bankrupt and unable to continue debt financing a year ago. The actions by the lender to date suggest financing an orderly shutdown and fire sale - putting in a little more helps extract enough additional value to be worthwhile over immediate shutdown. But they still lose a good deal of the original investment, but that is sunk.
This talk of shareholder class action is not useful. Proving criminal mismanagement is very hard here: the alternative was to shut down a year ago. You can't sue just because you don't like that your investment didn't pay. YA lent to a very risky venture on bad terms and will likely lose money. Yeah, it wasn't favorable to equity holders who are at the end of the line. But that's how it works guys. If you don't like it, and there is no crime, sell shares. This board seems to be both complaining *and* buying more. Doesn't make sense.
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