For unencumbered assets I don't see why not, but extending this logic to the brand seems fraudulent: It's unlike other assets because the (original) company crafted it to represent the whole service in the mind of the customer.
I’m curious to know what the announcements to existing customers said when they were transferred to the new company. I doubt it read: “the company you signed up with is bankrupt, but we cherry-picked its assets - want to go with us?”
Yes, I agree. But I can see how it's nebulous if you peer closely enough that you can't see the wood for the trees.