I was under the impression that he pretty much had no value at this point.
He is currently playing at a 3/4 d-man level so he is overpaid by a decent amount.
I think the consenus on his value was that if CGY wasn't taking any salary back then he was worth a middle round pick, if they were willing to take on a slightly less bad contract they could get a prospect and pick for him.
What does Calgary need? Defense, Offense; puck-moving defenseman, wingers, centers, etc.?
Prospects, picks, centers mostly. If Feaster is dumping Regehr, then it most likely means a rebuild coming soon. I can't imagine that Iginla would be alright with Regehr moving unless he knew it was for that reason. I also wouldn't be shocked to see Iginla traded, however i hope it doesn't happen.