[pclmulqdq]

In your theoretical framework you can. In real-life bankruptcy court, you almost certainly can't.

[johnnyanmac]

Says who? It was clearly going to work like that until more lawyer nitpicking intervened about the auction (not the sale itself).

[vizzier]

Honestly I don't see how this theoretical framework is much different from corporate leveraged buyouts.

[pclmulqdq]

This isn't a leveraged buyout. Also this structure is not at all like a leveraged buyout.