Hostess, the soon-to-be-defunct maker of Wonder Bread, Twinkies and dozens of other baked good varieties, has received court approval to beginning selling off its assets and eliminating approximately 18,000 jobs. While this news came as some surprise to customers, according to the New York Times, it seems likely that several beloved brands under the Hostess umbrella could make a market return as the company's intellectual property portfolio is divided and distributed among eager bidders.

During court proceedings, Hostess officials revealed that the company's 2011 liquidation value was approximately $450 million. According to Bloomberg, recent reports seem to suggest that its worth may climb to nearly $1 billion.

Hostess representatives suggested that the process of entertaining bids has been akin to "drinking from a fire hose" as several large and recognizable companies line up attractive offers. Among the 110 parties actively participating in asset sales discussions, many have even hired independent investment advisors to conduct additional due diligence.

The revenues generated during this asset liquidation process could also go a long way toward determining the retiree benefits Hostess can provide to former employees.