Freefly - spot on!
"Is the whole worth more or less than the sum of its parts?"
Jack's points about
Cost and
Value are illustrated both on this board and on many classified ad listings:
"...Over $30,000 invested in parts alone. $10,000 or best offer..."
From my perspective, the value is ultimately determined by the buyer. Or if you like, market forces at work. I do some M&A work and despite pages of comparables (listings of prior company valuations), the right buyer at the right time might pay 2 to 10x the median figure - or more often than not, will only offer half what the last 10 transactions went for, and if the seller wants to sell, that's the value of his company on that day.
Or perhaps more succintly, "Money talks, bul$hitt walks."
Don