He even gave a breakdown of valuation based on the sum of the parts. Yet he didn't include a model. Turns out, as his report says in a footnote, UBS is acting as an advisor to part of the restructuring. As a result, UBS is restricted on the stock.
In the old days of not that long ago, that meant the company couldn't trade in the stock -- or publish reports on it. (Goldman Sachs (NYSE:GS), in fact, suspended coverage of Energy Conversion for just that reason; it, too, has a piece of the restructuring action.)
UBS, however, says "restricted" is an "internal policy" and that there is "no hard and fast rule on what makes something restricted" or what should or shouldn't be done once it's restricted.
Sort of defeats the purpose of restricted.