Yes, but they go together as a package, you can't separate it out, you have got something in return for that debt. Most (all?) assets have liabilities attached,

Yes, but they go together as a package, you can't separate it out, you have got something in return for that debt. Most (all?) assets have liabilities attached, that gold bar has warehousing and insurance costs, that diamond mine has employees that want paying. It isn't reasonable to argue that they have negative value, because you're ignoring the positive value that comes with it.