A Taiwanese energy firm once worth billions is being bought for pocket change, a total wipeout for anyone still holding the stock.

• Sunwa Energy's board agreed to a tender offer priced at just NT$0.05 per share, backed by only NT$10 million in escrow.
• The buyer wants between 51% and 73% of the company — enough for full control at a rounding-error price.
• Auditors valued the shares at somewhere between zero and NT$0.25, so the offer technically counts as "fair."
• The buyer is the son of Sunwa's former general manager, which is drawing scrutiny.
• Overdue bank loans to Bank SinoPac and the Export-Import Bank total NT$470 million — far more than the purchase price.

Outlook: The open question is where the money to revive the company would come from, or whether the buyer sees some other value in the shell that outsiders can't.