I don't know if I'd ever compare AOL/Time to Delta Air Lines.
One (AOL) offers nothing and is a kiss of death in a merger, the other is Delta Air Lines. We actually do produce something of value that people want and therefore while numbers can look the same on a financial statement to me it is nothing more than comparing the TD to INT ratio of a kid playing NFL Madden and a real NFL QB. They both have numbers but one is just not real. It has a lot of money but it's not really worth anything.
That's my humble opinion.
Also this:
Tangible book value is simply what remains after subtracting goodwill and other intangibles from shareholders' equity (also known as book value). If this is not a positive value, Heiserman advises you to run away because such companies may "lack the balance sheet muscle to protect themselves in a recession or from better-financed competitors."
Now isn't Delta making a $765M Q3 profit in a recession?
Well it's not a recession FTB, you moron. Sure feels the same as one.