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What are Fools thinking about Calpine now? Are you waiting before buying? Are you holding your breath until the bankruptcy goes through?

I just can't believe that a company the size of Calpine has a stock price so low. I realize it is probably going into Chapter 11 very soon, but once it comes out, don't you think someone will buy it quickly or it will recover under new management?

What are you thinking about it? Are you thinking it's a bargain, or are you waiting until something positive happens?

When I look at a company with $27B in assets, $22B in debt, that leaves $5B in shareholder's equity. And the market cap is $173M?????

What gives? If you sold the company and cashed in the assets, paid off the debts, you'd have $8/share left over.

Could someone wiser than me explain what is happening? Thank you!
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