How much does he think “Internet Explorer” is worth when browsers are free?
Keep in mind, in 1996/1997 the big player in the web browser space was NetScape --- "Internet Explorer" from Microsoft either didn't exist yet or was just beginning to gain market share (I cannot remember which.)
The battle was over the name and at that time market share = mind share which (again, at the time) might have equaled revenue stream.
Either way, the founder of the company was a bleeping idiot and rather than take the cash as he should've fought "on principle" (his words, every time we told him to settle.)
Ahh well!