The way I understood this, and I’m probably wrong; is that the Hughes estate was owed $200 million dollars. They said “We will give you $100,000 off your debt in exchange for the land; AND you owe us the rest of the money still” So Hughes estate bought the land in exchange for writing off a PORTION ($100,000) of the debt. Now the Hughes estate OWNS the land is still OWED everything but $100,000 on the original debt. Since they were the ones originally owed the money; they were able to put in an offer of “credit towards the debt owed, in part”.
IF anyone else had come forward and put in that bid they would own the land and owe the debt. Now Hughes owns the land, still owns most of the debt due to it; and can resell either!
