Of course PBY doesn't own a bunch of stores in SF or NYC though, do they? But they do have a lot of money losing stores all voer the country.
If you take the real estate on the books, less the debt, plus about half the inventory on the books (inventory is WAY over-valued) the current price is probably about correct (probably clsoer to $11).
If you are investing based on asset value, you have nothing to gain. If you're investing in business performance improving, a different story.
What Gores was doing paying $15 I'll never know. But after seeing those rosy 5-year projections PBY put forth and then seeing PBY miss so badly in the first quarter after the agreement that PBY wouldn't hit year 1 of the 5-year projections, it's easy to see why Gores walked and why we shouldn't be that excited about the company turning around soon.