Everyone has their opinion. I see it as a very smart business man finding correct loopholes in the system to better both companies in a legal way.
But you know, most people usually boast about "illegal" ventures between companies all the time in SEC filings, PRs, and money deals such as this. Because all CEOs/CFOs are completely stupid. That makes much more sense than SPNG being lead by very smart businessmen that found a way to finance themselves and incorporate 3 businesses to work together to grow all 3. Thats just so dumb isnt it