It is "NET" asset value and unless you know how that guy made his calculations one cannot extrapolate any what if this and what if that scenarios...have you ever considered another company in your portfolio on its NAV while it is a going concern...I think you'll be surprised. The major question has to be is the going concern status of PSN in danger here...and I say no, not from its historical performance and I sure don't know if all contracts or a significant number are going to be lost to upset this but I would say that possibility is less than 50%..That is exactly why different people are making different bets...we don't know everything even yet.