I think you are right about the part that gdhi can go after Elliot based on the agreement but If DPWS still had liabilities that were not known to gdhi, then those liabilities can be collected from gdhi.
I've run into a similar situation where one of our clients bought a property which had outstanding violations. The violations were not known to our client at the time of purchase. . But guess what? Our client is responsible for correcting those violations not the previous owner. He tried using this defense in court and it did not hold up. Basically it came down to 'yea we know you didn't do it, but you should have done your due diligence'
Now had our client made an agreement with the previous owner like gdhi did he would then be able to go after the previous owner and collect.
Also this is not in Florida so of course the law may be different there but probably not a whole lot.
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