Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Frank Schnittger:
So what is "market value" if you can't actually put the properties on the market and sell them at that price?
The classic liquidity problem: valuing the bulk at the margin price is a mistake but it is also the accounting convention. See my How much is $172 trillion worth? from March 25th, 2008.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Thu Sep 17th, 2009 at 04:52:38 AM EST
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