Right now the icing is worth 3 times the cake, so lets not overlook it. Also, the icing doesn't rely on margins, apples smart phone share, or other things that can fluctuate in a matter of a few months. The only thing that can affect the icing, is a crash in china, and that isn't that likely, and even if it did, the icing would still be worth a lot.
The icing is important because it gives you a massive floor on the stock. A floor that is probably actually higher than the stock price is right now. Becasue of that, you can bet huge on the stock and still sleep at night. And the cake (NTE operations) will most likely kick in and make the share price go much higher than just the icing. Becasue daddy needs a new SL 65 AMG. It's all risk/reward, and this is about as good as I have seen in awhile.
I communicated with investor relations yesterday regarding the land value. I was told that NTE has not fixed a specific value and that their value analysis is not complete. They did say,however, that they believe the value to be "substantial".