The big chunk of money you are referring to are his stock options at a strike price of 10 and 15 but they are good till Dec 2012. He's got plenty of time to get there. It does not have to happen this week or next.
In fact I'd be surprised ( pleasantly so ) if our pps is at $ 10 once fully listed on the nasdaq and institutional investors become aware of this diamond in the rough ( pun intended ).
From the standpoint of the general investor, if this does not rise over $20 in the near term, it has been a case of poor risk/reward performance given the expectations most of us came into it with. It was after all a gamble on the NOL's not being priced into the actual stock purchase, and a certain reputation for wheeling and dealing. Fundamentals were never part of the equation, beyond cash. We shall see. The difference between a gamble and an investment, is that an investment is a gamble with the odds in your favor (Michael Lewis).
Just a couple of years ago this stock reached $9.50 on speculation that a deal was near. Those doing the buying to get it to that level didn't assume that kind of risk just to sell in the mid teens.
The cash on the balance sheet was admittedly higher then, but not all that much higher.
Fundamentals will ultimately rule in the long run but those haven't been fully fleshed out yet. Upside speculation should make an appearance prior to that happening.
It's good to read all opinions on this board even if they don't form a consensus. This stock is almost invisible to the public meaning the only people posting here are fairly astute individuals who have done their homework....therefore I listen to everything others have to say.