I haven't researched the stock rigorously, so I don't have a good answer to this. But given their massive losses, they will be drawing down their liquid assets

I haven't researched the stock rigorously, so I don't have a good answer to this. But given their massive losses, they will be drawing down their liquid assets and increasing liabilities. And book value for large companies frequently consists of intangible (i.e. made up) numbers for goodwill, IP, etc., which may prove unrealistic.