LOL. First you say "ASOF had the option of taking the IP without...

LOL.

First you say "ASOF had the option of taking the IP without the listed entity"

When asked when exactly they had this special priveledge you say that they could have "bid the IP when the company was being liquidated"

So "choice of taking" actually means that they could have bid on the IP with everybody else had they allowed the IP to get into the hands of the liquidator. There is an aweful big difference between "taking" and "bidding".

Due to their position ASOF had the ability to effectively veto other bids during administration but they would have had no such power once control had been handed over to the liquidator. Had the assets been handed to the liquidator then ASOF would have had absolutely no say in who the assets got sold to or for how much, unless they were the highest bidder. Clearly there was greater potential for bidders for the IP than there was ever going to be for the entity.

Once again, the sum of the parts is of much greater value than the whole. If you can gain control of the whole you can keep the parts you want without paying full price and do what you want with the rest.

The "option" you are really talking about is the ASOF option to take all of their rights as a secured creditor and / or largest shareholder and throw them in the bin then "take" their chances with anybody else interested in the assets.