There may not be much value in the three investments that are the only assets of Intellect Holdings, the former payment terminals player that is under the control of the Sydney investor Duncan Saville.A notice of special meeting that proposes to convert the debt of secured lenders (mainly from Saville's companies) into more than a 90 per cent equity stake in Intellect provides some financial data on its investments. There are three investments: the controlling stake in Intellect INV in Belgium, a 26 per cent stake in Tafmo and some intellectual property in a third entity.Stantons International Securities, in a report to shareholders, wrote that Intellect INV had accumulated losses of $9 million. There were also accumulated losses of $9 million in Tafmo.The firm valued IINV at between nil and $6.3 million and noted that one secured lender to IINV, Ream, attempted to sell IINV but was unsuccessfulStantons valued Tafmo at between $2.89 million and $6 million.Directors of Intellect appointed Michael Ryan and Ian Francis of Taylor Woodings Chartered Accountants as administrators in June 2008.