whats going to happen from here, page-21

Hi BB,

Book value means net asset, total assets minus total liabilities. Now it's $411 million.

Creditors's claim should be slightly different with the balance sheet liabilities, that's why we saw different parts to list book value and total claims.

"Book Value is also referred to as the net asset value since it is the value of assets net of (after subtracting) all debts and liabilities of all kinds."

So even if like you said 25% fire sale value, SP still got 13c left.