A market cap of 400 million is "reasonable"?  Don't think so.  I would say a market cap of 1 Billion would be reasonable right now, assuming the MMP is legitimate and enforceable.  If there are 400 companies infringing and we get an average of $10 million from each one, divide that  by two (because we split everything with TPL) we get a market cap of 2 Billion as a future potential.  Divide that in half again and I get a market cap of 1 Billion.... with 380 million shares outstanding and a very low PE I'd say I'm being very conservative, and that's without any other source of revenue.  Since stocks supposedly trade on future potential, not present value, why isn't a $2.00 pps reasonable at this point in time?  I say it is, and I'm being conservative.