erg debt concern

I have to say someone's math is so good. Do not forget all the ERG stakeholders except Duncan only hold 68% of current ERG share. Yes once the Vix ERG formed,our share holding will become 35%, but it is not from 100% to 35%, it is from 65% to 35%. So the key issue is still the current ERG debt, it really confuses all of us. I just worry the new company is still has the liabilities to pay off Duncan's 115 million loan. ERG just said it will sell its ongoing globe business to the new company. Just like you refinance your morgage, you find a new partner to share with you, but the debt is still there.
So can we dicuss more on this??? IS ERG JUST TRANSFERING ITS DEBT TO vix ERG, (which means Duncan will spend nothing but hold another 50% ERG shares in this way); or NEW FORMED VIX ERG WILL HAVE NO LIABILITIES ON THE 115 MILLION LOAN FROM INGOT. (Which means Duncan will spend 115 million to catch another 50% holding of the troubled ERG)

Seems these days the sell side keep controlling the share price below 2 cents to urge all shareholder to agree on the sale. But if the new company comes with no debt,then the current SP is too much undervalued, as now it only values ERG even less than half of its last monthly revenue. So I tend to believe ERG is just transfering its debt to itself, but in another form. I really wish my annlysis is wrong, guys. I know all of us are suffering now, our last hope is just this sale deal, we must make it clear before the EAM. welcome any comments on my post, thank you!