I/P's patent portfolio, Nokia's patent portfolio (that we just acquired) and the Facetones business provide all the current valuation that is needed. There is no "baked in price" - the market clearly expects this to go to trial and from Vringo to lose. Google has a strong track record against these types of trials, but they are facing a litigation team that originated the patent (Lang) and beat RIMM in a major lawsuit years ago. You'd be a fool not to recognize the potential value here.
You're forgetting the Nokia patents, plus the 91MM number is fully diluted with warrants, which means more cash to the company. Hell, they just got $30MM in cash, the company is worth a lot more than $50MM. Even if they only pull in $5MM net a year from the Nokia patents, with a 30 P/E that makes the company worth $150MM market cap. Investors didn't just come in with $30MM at over $3 because the stock is only worth under $1.
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