Okay, I have spoken wth Atlas, and here's the update.
He does not want to just dump this software on somebody and then let it be their problem.... and does not expect this transition to open source be an overnight switch. He is more amenable to a gradual and incremental approach, wanting the developer(s) to individually have access to the code, taking time to familiarize themselves with it, and to verify the viability of whatever changes might be desired before taking the next step of publicly releasing it. For the time being I will be signing a confidentiality agreement with Atlas to not disclose the source code to anyone else at this time, although he has made it clear he has no problems with bringing other developers into that agreement as interest in the open source project grows.
I expect to be able to get a look for myself at the code base in the near future, and I will give you all a synopsis of my impression of it.
If you are seriously wanting to help contribute to the ongoing development of this software, then please let me know.