How ABC assignees recover value from data, code and other intangibles

Why assignees are well placed to capture data value

An assignee takes title on the assignment date, usually after weeks of planning with the company's board, counsel and secured lender. That lead time is the advantage. A bankruptcy trustee typically meets the systems after staff have gone; an assignee can arrange admin access, keep the right subscriptions paid and line up a former IT lead before anyone walks out.

Records are also the least defended assets in most estates. They have no book value, no bidder asks for them by name, and cost-cutting targets the software bills first. Yet a company with years of email, CRM, help desk and engineering history holds what AI labs and data buyers increasingly need: complete records of real, multi-step work with outcomes attached, which are thin on the public web.

The steps below assume a general assignment of all assets. If you want the comparison with a bankruptcy route first, read ABC vs chapter 7.

Which assignment estates deserve a records review?

Not every estate is worth the effort. Look for these signals in the pre-assignment materials.

The first ten days: securing access

Treat system access like the keys to a warehouse. Most of the work happens before or on the assignment date.

1. Before signing, get a list of every system and its named admin from the CFO or IT lead, plus the renewal date and the card or account that pays for it.
2. On day one, move super-admin rights for the identity provider, such as Google Workspace, Microsoft 365 or Okta, to accounts the assignee controls, with a second named admin as backup.
3. Suspend, do not delete, departing users. In some systems, deleting a user also deletes that person's mailbox or files.
4. Move billing for every system that holds history to a payment method the estate controls, before company cards are closed.
5. Check retention settings so no archive is purged on a schedule while the estate decides what to do.
6. Retain one or two former employees, typically the IT administrator and an operations lead, on short paid engagements with confidentiality terms, to run exports.
7. File the authority trail: the assignment agreement, the board resolution and any state filings, so a future licensee can see who signs for the company.

The ABC assignee day-one records preservation checklist turns these steps into a printable list.

Scoping the records system by system

Once access is safe, list what each system holds and what could block a license.

The CLEAR rights check

Run five questions before you describe the records to anyone.

• Clients: do client contracts make the records or deliverables the client's property, or limit use to the engagement?
• Legal promises: what did the privacy policy and terms of service tell customers? FTC staff have warned that promises not to use customer data for undisclosed purposes, such as training models, are enforceable wherever they were made. That is staff guidance, not a rule, but it shows how regulators read such promises.
• Employees: were staff given notices about how workplace communications and call recordings could be used?
• Already licensed: has any of this data been licensed for AI training before?
• Regulated content: is the archive mainly consumer personal data or protected health information? If so, it is unlikely to fit.

SourceX agrees de-identification and redaction rules with the assignee before any work begins, and nothing is delivered without an executed agreement and the assignee's authorization.

When to raise a license in the assignment timeline

How a license sits beside the asset sale

A buyer of the code or customer contracts may also want the history, so settle the split early and write it into the bid materials. SourceX deals are typically exclusive for AI training for an agreed term, so tell bidders that those rights are reserved. The estate keeps ownership of the records; it grants a license rather than selling them.

On price, the estate receives one all-in figure with SourceX's fee included and no separate charges, paid once, typically within about 60 days of invoicing after the buyer selects the data. Nothing binds the estate until the assignee agrees price and terms and signs. To confirm that the company clears the baseline before you spend on keep-alive, check who qualifies.

What to say to the secured lender

The lender usually funds the keep-alive budget, so make the request specific.

How rewards work if you are the assignee

Partners earn 25% of the eligible platform fees SourceX actually collects from the referred company's licensing deals, capped at $100,000 per referred company. Rewards are paid only after the buyer pays and SourceX receives its fee; no reward is guaranteed, and the reward never reduces what the estate receives.

As assignee you are a fiduciary for creditors. Before registering a referral for an estate you administer, ask your counsel whether state law, your engagement terms or a supervising court allow it, and disclose it to creditors if you proceed. Applying directly on the estate's behalf at sourcex.si/apply avoids the question. Assignees who regularly see qualifying companies in other people's matters can read about the referral partnership for ABC assignees. This is general information, not legal, tax or financial advice. Confirm with your own counsel before acting.

When to skip the records review

• Peak headcount was below 50 full-time employees, contractors excluded.
• The company processed other businesses' data, and those clients own it.
• Accounts were closed and devices wiped before the assignment, with no exports.
• The estate cannot fund even a short keep-alive period and the lender will not either.

The chapter 7 version of this playbook is the trustee's guide to overlooked intangible assets in chapter 7.

Next step

Put a records line on your pre-assignment checklist for the next engagement. If you know a qualifying company outside your own estates, register as a partner and make the introduction; for an estate you administer, apply at sourcex.si/apply.