Come on, wasn't twitpic free? What why should they keep paying for hosting if the business went under?
It might be a better path for people to reach out to help the guy WITHOUT offering to offload the value proposition of what he built.
Also, any sort of agreements between people who uploaded content and Twitpic can't just be sold off to the first person to show up with a hard drive or offer to pay bandwidth costs. That would be a set of legal costs, etc. etc.