Just about everything that could go wrong for Loew's, is going wrong.

1)Natural Gas is selling at the lowest price in the last 12 years.
2)BWP had to cut flowthrough-on some pipelines to make some repais
3)There is a glut of Nat Gas on the market
4)Drilling has slowed because of the oversupply of Nat Gas that could affect DO
5)We are entering the Hurricane season so that could affect CNA
6)HighMount Energy is also caught up in the Nat Gas Glut and is sputtering along
7)Loew's hotels are having lower occupancy and lower room rates due to the recession
8)Loew's had to advance CNA $1.25 Billion to tide them over the recession

So all the bits and pieces that go into the Loew's that we know, both public and privately owned are in the wrong place in this recession and are selling or valued at much reduced prices to recent values.
Everything is lumped together under the Loew's umbrella in what is considered a conglomerate type of vehicle which normally trades the whole package at a discount to even the reduced valuations of the public parts and giving no value at all to the wholley owned parts of the company.

So we have one layer of discounts on top of another discount driving the price of Loew's down further and further from the true value of the company.
IMHO There is not too much else that could go wrong with Loew's so I am a buyer at these levels