You’re right Rambo, here's only looking at the controlled wind...

You’re right Rambo, here's only looking at the controlled wind down scenario, not at the liquidation; the usage of the “liquidation formula” LV = CA + R*PPE – TL – Extras (with appropriate weights) is just a quick-and-dirty way to get to a first sketch of value, but nonetheless it is the controlled wind down I have in mind. If I am not mistaken, Mars too is thinking along the same lines, but I’ll leave it for him to comment on. Very good point on the redundancy costs, thanks for your input.