In other words don't
count on that cash being returned to shareholders or even invested in passive investments (private or public equity) for the benefit
of shareholders; A liquidation valuation really isn't
of interest here
as Glassbridge is set to be an ongoing
business and I can see an operating cash bleed for 3 - 5 years depending on how long it takes the company to attract enough AUM to cover operating (read staffing)
costs.