i'm not sure if people misread the article are actually trying to make some odd point.
yes headline is misleading, but article explains that their "business" is valued at zero, or negative.
So YES, you go take out a $1.87billion loan, buy every share of zynga. Then if you can liquidate all the office equipment and other physical stuff for it's amortized value, and get someone to takeover your lease(s) on the buildings with no time gap, then YES you break even.
(of course this is making the assumption they don't have poison pills to prevent a takeover, and every share is for sale).
But yea, that is exactly how I read the article.
What the valuation is saying is that the analysts believe the direction of the company is currently to just burn and lose more value and money.