The way I'm seeing the DD is they started off with big bank loans and pushed them to their limits to keep potential losses to a minimum.
Once they broke through the threshold to being successful, they used personal money to pay off ALL outside debt.
They did this through an LLC run by $ALYE's Chairman, Micki Hidayatallah, and a 100% preferred placement.
This is a big board move that isn't cheap but now they own the company, 100% free of outside debt and as an investment, not a debt.
Big move coming.