With all hope lost, speculators wonder if a fire sale may be the last resort to stop the bleeding in Valeant Pharma (NYSE: VRX) shares.

Trades are keenly focusing on the last line in Bill Ackman's letter supporting Valeant Pharma (NYSE: VRX) CEO Mike Pearson to get a sense on what is going on behind the scenes.

It reads, "You have assured me that you and the rest of the board are considering any and all alternatives that would benefit shareholders and other stakeholders. That is very comforting to us."

This suggests to some that the company is considering some spin-offs or divestitures.

Also, in a note just out from Mizuho, looking at liquidation value using a DCF analysis of the business under catastrophic scenarios it generated a per-share value of $100, or some 30% above current levels.