Actually, it's quite a rational approach. As an equity investor, you have to articulate a certain expectation for cashflow. If you believed that Zynga would giv

Actually, it's quite a rational approach. As an equity investor, you have to articulate a certain expectation for cashflow. If you believed that Zynga would give up the game and liquidate itself now, you might price it to net assets. However, the expectation is that although they may have $X in net assets available, they're going to keep bleeding that out until they have less than $X. Basically, you've got a CEO with a dollar, and you don't even believe s/he is going to earn enough to make back that dollar after all the money s/he wastes.