...and another thing to remember re the following statement...

"The statement that both refinery agreements are worth millions is only true if WWF is able to get the CTO lifted and then raise the necessary financing in this very tight market. If not, then the agreements really aren't worth anything."

Shareholders continue to be shareholders regardless of the trading status of a compan - i.e. they each have a share of the company's assets and, wheter publicly traded or not, their shares have value on that basis. A license is indeed a material asset the value of which is, granted, easier to determine on an open exchange - but can have significant value otherwise.