Zero book value is normal for some companies. Khersons debate is flawed in serveral ways saying that a company with Zero book value had no equity. This is not true as there are many senerios that can cause this, one particular to Canexus On a balance sheet an asset will be recorded at historical cost in Canexus's case in plants. THe orginal plants would have had lower graded technology and built for less cost than a current due to the inflation of the dollar. The assets of the orignal plant would have be ammortized reducing the book value. Then they upgraded their plants (spending 260 million i believe for one) and that would have been amortized as well. Say you bought a house for 50k for sole use to rent as a business. Renting it out, the structure gets ammortized each year as it gets older and value of house depreciates. Eventually the BV is zero or negative. Yet say the house is in Vancouver and if you go to sell it, you 1.5 million for a dump. Then you pay capital gains on the depreciated amount. So its true worth is not whats on the financial reports but what you get when you sell it, and no one really knows what that is till its sold. I like to think what would be the cost to build such a structure at this moment. It would surely be 200 mill or more per plant to construct from scap in this market. Superior is getting market value for the plants they are getting consider they have been upgraded recently.