I saw this film years ago and wasn't aware of this, but now knowing more about Courtney's biography, it's very clearly her. If you take the events of the book/film and lay them next to Courtney's early life, it's almost verbatim. You can tell by tracking the geographical moves Serena/Courtney makes, bouncing around from Portland to New York to San Francisco (Tony and Robert say at the end before David finds her on the rooftop that she's "probably back in San Francisco"). It's clear that Hornburg was around her at this distinct point in her life, probably just around the time she'd gone to New York to be in "Sid & Nancy," ca. 1985 or so. There's no doubt in my mind he had a relationship with her, and that this character is 100% based on her.
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