Will Microsoft Top Google's Bid For Motorola Mobility? - Forbes

More MMI scenario analysis (although that should be $3.2 billion rather than million)

Smithen thinks the $12.5 billion price Google is paying masks the real price: he notes that Motorola has $3.2 million in net cash and $1.7 billion in net operating loss carryforwards – and he thinks the company’s home business can be sold to private equity. He contends that Google is really paying closer to $5.3 billion for the 17,000 patents and annual hardware sales in the $9.7 billion range.

He also notes that a Microsoft acquisition of Motorola would give the company “valuable U.S. market share, branding and distribution” that it will not get via its Nokia licensing deal, given Nokia’s weak U.S. market position.

Will Microsoft Top Google's Bid For Motorola Mobility? - Forbes