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The present value of cash flows from operations of Red Dwarf Ltd has been estimated at $355M. The firm has $16M of cash, of which

The present value of cash flows from operations of Red Dwarf Ltd has been estimated at $355M. The firm has $16M of cash, of which $7M is deemed to be excess cash. Red Dwarf also owns a number of paintings with a total value of $6M. In addition, the firm owns 20,000 shares, each priced at $200, in a Scotch distillery on the Isle of Skye. What is the value of the firm

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