[renewiltord]

A way to look at it is that "even though it has x debt, it's still worth y". For instance, imagine you have a choice between two sports players. One is currently sick and scores at one goal a game. The other is in great health and scores at one goal a game. Which player do you pick?

Though of course he mentions it differently: how much would you have to pay to acquire all of the surplus from the company? You'd have to buy the company and it's debt.

It's a way to look at it, of course.