What value is still left in FTT? Why is it still worth over $600 Million?

At the time of this post FTT is trading around $1.90 after a 50% surge to the upside. This would equate to ~$630 million in market cap.

Obvious answer is short squeeze due to future contracts but there seems to be buying support around this level.

Once bankruptcy proceedings begin is there any actual value left in FTT? I noticed CEL token (~$100m MCAP) also had a similar phenomena but this was due to rumors of buyouts.

Is this just the market being irrational/degens or is there actually some value left?