That's a fair point. The valuations are estimates based on comparable distressed asset transactions - the actual sale price will depend heavily on what the administrator packages together.

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.