That 118 figure was derived as a VERY conservative estimate that used roughly half of the aver4age that MMI and Nortel sold for. Don't forget that some of those patents are encumbered but many of those coming out of the pipe ARE NOT!! Can you say patent pending?
And for every dollar you subtract for your perfectly valid theory of encumbered, you need to add some back in for:
1)Cash in bank
2)An ongoing cohesive group of engineers that number in the 200's.
3) Products in the pipe that are as of yet unencumbered.
Part of the reason I think you are putting too much emphasis on this unencumbered patent issue is because they are only unencumbered until the licensing deals are worked out. Which is the end goal that WILL in fact come to be.