What's the volume being traded at that price? I'll bid -$10 to buy your house, doesn't mean that's what your house is worth.
Same with these oil producers. There might be too much crude sitting on trucks going to an already-full storage facility, and they need to clear space in order to empty trucks, even if production upstream has already shut down.
Immediately after purchasing it, the city started fining and hounding him to get it cleaned up and up to code.
He went in to court at one point and asked the judge why he was getting all these notices when it was already the nicest house on the block.
The judge's answer was something to the effect of "oh, well they can't afford to fix it up."