the present value is lower because there's no ongoing enterprise operations*, and the future value of the cash (since payment has not yet been made) is therefore lower now... kinda like there's a cap on the value of the company of the settlement amount, minus the projected dividend and costs associated with attorneys and distribution (not to mention existing overhead) that will eat away at the final value. Sellers can sell now at a discount and buyers can receive a higher payout if they're willing to wait longer than the sellers. As the date of actual distribution nears, the share price should creep up slightly higher as sellers realize there's not much incentive to sell now if they can just wait a little longer for the full value, and buyers lose the benefit of a time discount.
*(going from memory, please someone correct me if I'm wrong...)
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