RE:RE:75% of market cap is now DIR...The $60M reflects the MARKETS current value of the residual assets and the debt, so yes just $60M left over. That's completely different from the ACTUAL net realisable value of the assets.
When you say underwater, you must mean that the market will soon (effectively) ascribing a NEGATIVE value to the assets. That's completely different from saying that the company won't be able to afford its liabilities, and hence effectively insolvent.
You can look at metrics such as NAV, market rates per square foot, cap rates etc. to ascribe your own value to the assets. However, even just $60M is about $3.75 a share. Any ability to realize even half of NAV would have a big impact on SP.