Their independent subsidiary with 300 financial advisers is an...

Their independent subsidiary with 300 financial advisers is an ongoing business (most of Spectrum's revenue is generated from selling Freedom's competitors' products) plus admin fees for managing those 300k customers insured by Swiss Re which I'm fairly certain hasn't declined to 0 in two weeks. No business is worthless at a certain price in my books unless they're carry a debt bomb.

Could be a value trap if they don't declare a dividend, but my thesis is they will if acquisition don't go through, this isn't some business dominated by one founder who run the company like its a private plaything in public space, there are a lot of active stakeholders and high profile management.