SFE breakup value
Net cash: $60 million
Value of remaining Clarient stake: about $78 million
Value attributed to all other SFE portfolio companies: approximately $58 million.

I think that their 28% stake in Advanced Biohealing is by itself worth more than $58 million. ABH is growing at a 100% annual rate and expecting 2009 revenues of $80 million or so. I suspect could be sold today for north of 3x revenue, or $240 million, which would make Safeguard's stake worth $67 million. The next value creation event, whether it involves a sale or an IP, whether it involves Avid or ABH, could easily DOUBLE the market cap of Safeguard. But no one knows what the stock will do in the interim. It takes a strong stomach.