I tip my hat to you for doing the due diligence.Going through the old news from the insolvency 2019/2020 it doesn’t look like that M&W was the culprit as the main troubles for Dreiring and their owner Kappus came from the liquid soap segment and low margins in their product portfolio.
Being on a shaving forum everything is viewed through that angle but I totally forgot that this is an absolute niche nowadays. So the bulk of Dreiring‘s production was clearly not shaving soap and this was also not the reason for their troubles.
Apologies, but with this data the explanation of WCS makes totally sense.