The asset is the positive operating properties/leases.

The idea from WeWork management would be to shed the bad properties and keep the good ones and operate them as post-BK WeWork.

Creditors could say, great idea, but we want to sell that remaining business for cash rather than leave it in your hands because we don't trust you to continue to run this.

Definitely agree liquidation is non-starter here. They don't sign long term deals with their own customers so WeWork's only real asset is the brand. What the creditors will do is take over ownership from the equity-hodlers, then try to milk the brand for any remaining value. It's conceivable many of the building owners might actually do ok directly operating WeWork branded spaces and keeping the margin that used to go to WeWork for themselves.