As far as I know, just like with GrowCo, any and all assets are collateralized by various note-holders and preferred share-holders (sometimes two or three times over).
I don't think TURV owns 41% of the Dam--- HCIC owns 41% of the Dam, and there is no longer a Dam to own. TURV owns 41% of the stock in HCIC. What HCIC has, that Great Plains needs, is the "Storage Rights" needed to store the water that Great Plains owns via their purchase of the Welton Water Group, and the Dam site they also own outright. If Great Plains already has the needed $42M in escrow they will own 100% of the Dammed Dam---site and all.
Great Plains only needed 51% of HCIC shares to control the HCIC Water Board to give them the needed "Storage Rights". Once they have their ownership and control authenticated by the Court it's all over but the shouting. They really have no need to go after the remaining HCIC shares, and certainly not acquire the indebted mess that is TURV.
The revenue to HCIC and on down to TURV will not be gross revenue, but will be net revenue. Great Plains will get the gross revenue, and after deducting the lease fee for the Dam and site, and the "Surface Rights" water that they also own, the resulting net revenue will be passed on to HCIC and subsequently divided up between itself (Great Plains), TURV, and the few other remaining HCIC shareholders. How much that net revenue is will be determined by how generous Great Plains is, and the current and past behavior of TURV.
The shell companies will do what they were created to do, and that's allowing all the associated bag-holders to bend over and take it in the rear (as always), while management party's on and goes it's merry way.
Yeah, the company bugler is warming up and limbering up his lips---getting ready to play Taps.