Consider if land value reduced by 55% on balance which is what is needed to have book value reduced to $10.
Then look at the Q3 income statement. Assuming that 25% of sales is the cost of land, if the cost of this land was reduced by 55%, then cost of sales would have been reduced by $104 million.
Not including the imparements reported in q3 (which wouldn't have been necessary as inventory already reduced by 55% in this excersize), net income would of been approximately $2.70/share before tax. (And there would be no income tax because of huge loss carryforwards from inventory being written down 55%).
So you see, BZH is a stock in the 6's that is earning $6-$10 share on a book value that is $10.
Sales will be lower in 2008, so maybe earnings will only be running maybe a buck a quarter going forward calculated like i have above. Give it a multiple of 3 on $4 earnings is $12.