please show your math....that is one tough calculation. AA potlines and primary aluminum business is worth nothing right now. There is value in elec. contracts. They own lots and lots of property. Look at their Mt. Holly plant outside Charleston, SC. At one point they had 6,700 acres. Sold 500 acres to Google who now have a huge "farm" there...and also a small industrial development. They could sell the rest of the acreage, but only if they shut down the plant. They need that buffer to pass their required air dispersion modeling for PSD since they are within 100 km of a Class I area.
Point is: we don't know what their assets are worth. No one does. We know what their debt is though. And we know what their Earnings are. Maybe google will buy them for the land. It would be a cheap purchase for them. They could just use cash.