[ISL]

As long as there are multiple acquirers, the auction may approximately-fairly-value the company.

They make the case that they have talent, domain-knowledge, and patented IP. The company may be out of cash, but it is not intrinsically out of the fight, so long as cash can be made to appear suddenly.

Furthermore, any acquirer would be able to see the company's books, removing any information-asymmetry on the free-cash point.