HTA shareholders - no new shares?

Disclosure: I sold out my holding at 18c (have been a holder for years from 5c and bought again very recently at 7c and 9c)

I suspect some HTA shareholders think will get shares in the new TPG/Vodafone entity, let's call it TPG2. This is not my understanding. Based on my reading, I think the following will happen:

The current JV between HTA and Vodafone will continue (VHA), but VHA will get loaded up with 4.8B of debt in exchange for 50% of TPG2. The dividends received from TPG2 will pay down the debt of VHA. HTA's portion of this debt is $2.4B. If TPG2 is worth $15B, then the shares owned by HTA will be worth $3.75B - 50%(HTA) x 50%(VHA) x $15B (TPG2) ... but VHA will also have $4.8B of debt, making the net value of HTA $1.35B ($3.75B-$2.4B) ... which means an NTA of 10c???? ($1.35B / $13.6B HTA shares)

Is my logic sound or is there a big error somewhere?