Can Bear Stearns be salvaged?

The hope among Bear Stearns shareholders is that Alan Schwartz can restore the luster of the firm. He has laid out some plans for the firm, but it hasn't really dazzled critics. One would expect such ideas as exiting as much leveraged loan exposure as possible and pumping up non-fixed income business units. Ho hum. For some, the sad fact is that, even at current depressed prices--the firm is currently valued below its stockholder's equity--a buyer is not likely to step forth. One reason is the potentially massive legal overhang that comes with the subprime crises and hedge fund blow ups. One pundit, via Seeking Alpha, writes, "Isn't it better to pick off top talent free and clear of litigation and integration headaches while they are both pissed off and leaving little money on the table? It is similar to doing an asset purchase versus a stock purchase; when you buy the assets you leave the liabilities behind, while buying the stock is a much dicier proposition."  

For more:
- here's the Seeking Alpha item