You're right that client contracts are the key variable. The report notes that the enterprise client database value is contingent on whether Alvarez & Marsal can transfer existing relationships. Source code alone without clients is worth significantly less.

The timing concern is also valid - assets depreciate the longer they sit in administration.

All the core information in the post is verifiable independently - the Alvarez & Marsal appointment was covered by BusinessCloud, the collapse by Sifted and Bloomberg. Happy to answer any questions here directly.