I recall, but only vaguely, that when LTCM went under, one of the problems they had was any orderly liquidation of assets, because they were known to be in trouble, and anyone who might buy would underbid. In addition there was some activity - I don't recall what - that was engaged in to make doing business more difficult for LTCM, in the hopes of eliminating them as a competitor.
That said, making a market for an SIV, say, from Citi, would result in low bids, not because of the inherent / thought to be cash flows from the assets, but because Citi's 'friends' would try to do them damage.
Mean game, but it does not speak to the value of the assets in question.
Just a thought. Not all wars have only two sides.
rr
