Good post, but aren't your calculations getting a little long-in-the-tooth Rob?

Just being the prime source for Apple should achieve a $10B valuation for POET, shouldn't it?

Wouldn't Apple have taken us out already if that were an option?

What about the SRP? At what valuation would the BoD decide not to invoke it?

I believe the BoD will make Adam proud, along with all of us wealthy, and continue on with their plans of dominating the IC industry, fab 2.0 style.

I stand by a much higher valuation.