Amazon Profit, KMart Bankruptcy

Two shocking bits of business news today: Amazon.com posted a $5 million net profit, on an impressive $1.1 billion in sales, and 105 year-old KMart went into Chapter 11 bankruptcy. Maybe I don’t understand the issues enough, but KMart’s market cap is currently $450 million. They have $17 billion in assets and $11 billion in liabilities. Doesn’t that mean that they company should be worth $6 billion? Sounds like a buying opportunity, particularly if they’re going to come out of the bankruptcy.