Roughly the entire price of The Huffington Post deal has been whacked off the market cap of AOL (for good reason). However, here are some other rough numbers. AOL has $500 million in cash and is expected to generate another $1.5 billion by the end of 2014. The entire market cap now is $2 billion. As a kicker they own some very expensive real estate.
The assumption at current market prices is that the CEO will burn the cash. His track record at AOL is not inspiring but I suspect he heard the Bronx cheer after his most recent deal. I have taken a bullish position in the company.