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.

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.