The book or liquidation value out of the gate will be about 37.5 cents/share. But that is not a valuation that one would use to value an ongoing business. Companies that have an on-going business are normally valued at some significant multiple of book, as long as they have some earnings history that makes it reasonable to conclude they are not heading for the tank. That's when we start looking at p/e ratios. Some companies with negative earnings trade at a multiple of book because the market believes they are heading for profitability.
Impossible right now to really assign any sort of value to the newco other than book, which is kind of a useless number under these circumstances.
All this silliness about trying to assign a "value" number is coming from simpleton traders who are really interested in the current price of the stock, not the value of the business.
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