Are the patents currently worth more than the market cap?
Maybe, but these existing patents decrease in value everyday as new technology comes out and as they approach expiration. I like CREE, but it is not a value play and you should not fall into a value trap here. What will bring back the stock price is earnings growth in an increasing-revenue environment. These are the ultimate goals of the restructuring. Until that shows signs of working, don't buy. But keep a watchful eye; CREE has demonstrated an ability to stay on the cutting edge of the industry R&D and they have the production capability to quickly bring the latest and greatest products to market. I like CREE for a potential big bounce if they can right the ship after this correction. CREE could be a 2016 calendar double.