The current Book Value is 3.25 +/_
They have plenty of cash and credit line to carry them through the transition. Their burn rate is about 250 million per quarter and Microsoft gives them $ 250 million per quarter for Windows phone development. Therefore they will not go bankrupt next quarter as some of the short sellers predicting (they are not really predicting - they are just inducing panic). Lumia 920 pre-orders in Europe is just the tip of the iceberg.