AIG has many rock-solid busines units. They only really took it in the shorts over insuring Freddie, Fannie, and Leahman Bros. So if there's a re-org of some kind and the non-toxic portions of AIG spin off without bankruptcy, they may have value at pennies on the dollar of some very strong companies.
And interestingly, one of the unintended consequences of all the post-Enron legislation and accounting rule changes was that the new accounting practices forced firms to list their value of all assets at current market, which fuels panic.
If all these firms were allowed to list their assets on the balance sheet at the price purchased, and only reflecting gains or losses when they actually sell those assets, things look a lot better.
