The Death of the Value Stalwarts

If you want value, step into the world of Grace(GRA Quote), Armstrong (ACK Quote) and Federal-Mogul(FMO Quote).

These are three companies that used to be the mainstays of dozens of mutual funds that like to buy good, high-quality growth companies that are levered to the economy. Now, since the revelation that Owens Corning(OWC Quote) is not going to beat the bar -- the plaintiffs' bar, because of asbestos it sold years ago -- and instead opted for bankruptcy, these other companies are on a death march to zero.

It is incredible. There was a time not three years ago when great portfolio managers owned all three companies because they were too cheap to ignore. They are now cheap beyond belief. But the shocking bankruptcy filing of Owens Corning makes the possibility of bankruptcy protection filings for the rest too great for people to even go bottom-fishing. I am combing through this embattled trio looking for signs that they won't meet Owens' fate.

I haven't found any yet.