A Look at Oclaros' Balance Sheet

Here is a link to the most recent 10-Q for Oclaro

http://investor.oclaro.com/secfiling.cfm?filingID=950123-12-2170

Take a look at Oclaros' Balance Sheet

Current Assets:                   209,189m
Subtract all Liabilities       -120,861m
Close the Biz Net               =89m
Sell long term assets         +63m
Net                                    $152m                               
Shares                                   51m
Net/share                          $2.98

If Oclaro closed its business 1/1/12, payed everyone, collected receivables, sold inventories at fair value, sold property plant and equipment at fair value.The stockholders would get roughly(no more than) $2.98 per share.  This is just a rough guestimate.  I haven't plowed through 10Q completely yet.
Having said that, look at it this way, your really buying into Oclaros' business at between $2 and $3 dollars per share.

JWells