THIS IS NOT FINANCIAL ADVICE... but i have been doing some...

THIS IS NOT FINANCIAL ADVICE... but i have been doing some thinking, inspired by the non-death of hst today at the hands of the banks. i have taken the hst balance sheet at dec 11 and compared its "worth" from my own personal point of view if:

1) adjusted: debtors written off by 20%, no goodwill or dta, borrowings put to non current. this is the close-up-shop now, horror scenario
2) mkt val: under that scenario, i ask "what value would goodwill have to be to match the last mkt value?" of 22m 16c
3) book gw: i then ask "what would be the mkt value if goodwill matched the acounts"? (with rotary written off, as per the gw note at dec 11). that reflects a sale of all businesses in an orderly fashion.

interesting outcomes. any thoughts?