"if you assume that the MMP is worth $1 billion (hopefully low) "

Just a quick point to keep in mind. In the press release or article that talked about PTSC's refusal of the $7.5M offer, PTSC valued its ownership in the technology at over $1B, so in essense, they valued the MMP at at least $2B when you take into account the joint ownership issue. So, I think you need to double all of your calculations at a minimum, based on that.