What I was asking was... What would the company be worth if it sold its land? The article stated that the true value of NUT was much higher than on the books, i.e. a great investment. Thanks for the edu.
So, if I am to follow the logic a bit further, you purchased a stock for the value of its "assets" (in this case, land) thinking that they (or new management) could somehow use/unlock/monetize the higher value of land (presumably similar to timber companies selling their land, at a huge gain), obtain rezoning/zoning variances and then sell to a developer? And this "value" would only be for the land they own, I believe several of the orchards are simply leased land on which NUT operates. I wouldn't expect significant gains from selling "wholly owned" orchards and then leasing them back. I don't know that such a transaction would provide the pop you are looking for.
To be honest I wouldn't expect that rezoning of the orchards would be even a remote possibility. My assumption is that Hawaii is pretty restrictive on their zoning and would not look favorably to developing agricultural zoned land for condos, hotels and/or other commerce.