Presumably sold off to multiple interested parties by a curator if it gets to that stage.
All of their coolers - and we're not just talking fans here, but their vast library of heatsink and heatpipe designs (both functional and aesthetic targets), cooling pads, etc. will be an easy target for either a competitor, or for a company to keep Zalman going and focus only on those. It's what Zalman's known for - to the point of their own website suggesting for the VGA products that "Zalman cooler is equipped with VGA card", rather than the other way around ;) - so that would make some sense.
The peripherals.. well, most of them can probably die off. Not too many people seem to care about Zalman mice, keyboards, USB sticks, headsets, etc. - they're either a dime a dozen or too fancy for their own worth, and only a few get to be big brand names in that arena.
There's some niche products like their virtual device storage options that would make a good complementary offering in WD's lineup.
Given their financial numberfiddling, I can't help but imagine that some divisions were used to prop up others to help make things look good - so selling it all together seems, to me, unlikely; except for purposes of selling it on again
(yes, the IP vultures, whose day job is to make up ways in which popular products violate their IP in the hopes of landing settlements because that's cheaper than bothering with the court case even if you think they're on extremely shaky ground)