I was using AIG as a trade, but am now buying puts. The asset management unit was valued at more than 4 times the price they are accepting according to a friend at a well known private equity shop. As far as I am concerned, they will liquidate AIG assets as fast as possible at bargain basement prices. I now see $20/share - a revision from my $35 earlier call. Believe me, I don't want the market to go down, but AIG will.