"Between Jurnos, Bankers, and Corporate Raiders......what a prize bunch, they deserve each other believing this piece of artistic licence."
With respect twotbags, the whole point is that (with the exception of the Journos) they DON'T believe this piece of artistic licence.
The entire company is valued at about $85m by the market (ie the Bankers and Corporate Raiders). Take away the $20m cash and say $15m for property and other hard assets and you end up at less than $50m for the aircraft. Which squares with your price of $1m or less for a 340B.
The more interesting question is whether anyone else can do better with the airline than the current management.