Is the 30-50% of face value realistic for "Liquidation Value"? If one organization has to liquidate, sure. But if the bubble pops and many groups have to liquid

Is the 30-50% of face value realistic for "Liquidation Value"? If one organization has to liquidate, sure. But if the bubble pops and many groups have to liquidate at once? Owners will be lucky if they can dodge the recycling fees.