Trademarks are owned by the entities that hold the Trademarks and that is that. If you have questions about this, consult an IP attorney.
In the case of franchises, you have license to that trademark as part of the franchise rights, along with all the other rights and limitations in the contract. But none of that has anything to do with the current SMKY scenario (altho the Smoky Diner franchise stuff has been thrown out there, it just has no bearing on the current entities). This isn't a franchise scenario (yet, or maybe ever), so I don't understand the comparison.
Instead, I see this as an intentionally complex web of entities and private financing and public financing that is getting way out of hand.
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