You don't even need to get into the shady details of studio accounting to see that is an absolutely retarded argument on its face. Reedy Creek is Disney, so any debt accumulated by Reedy Creek would be Disney debt. Even if there was some hypothetical way that Reedy Creek, which is Disney, could magically accumulate debt that wasn't Disney's, the government could declare that debt is still Disney in the process of taking back Reedy Creek because it is the government, creator of rules, the monopoly on violence, the origin of force.