The Fed got 79.9% of AIG shares as collateral.  AIG has 2 years to repay any money they borrow.  The 85 billion they were promised is a lind of credit, not a one time loan.  The Fed does not want to take over AIG.  Think of it this way, if you have a mortgage the mortgage company does not want your house, they want you to repay your loan.  Same with AIG the Fed does not want AIG, they want them to repay their loan.

As for the asset AIG is going to sell off, they have 2 years to do it.  They don’t have to be sold overnight, so maybe that will be a higher price.

Also if the housing market picks back up, AIG will be in a great position.  Right now they have to write off all of their loses cause of the houseing market, if the market picks back up they get to write everything as a gain.