Very interesting read.
Maybe someone smarter than me can decipher but I took it as:
Blackstone set up to make money on SEAS not invest.
When SEAS decided to invest in new rides to boost income, they picked unproven attractions that ultimately didn't work on time, didn't properly promote rides, and lead to down years.
Now with down years, Blackstone needing to pay back investors, and a "fools gold" investor SEAS is struggling to come up with the payments Blackstone needs; all the meanwhile Blackstone is still making money off SEAS.
Alright, I'm going to go two ways here:
Optimistic - Merlin comes in and buys GBW & GBT off SEAS, and makes it a 5 year difference on payments. In that time they use profits from other parks to make an investment in the twin BG parks to have them making money, and meanwhile set that money up in a smart fund to make payments. When the time comes, we see a slow down of big investments in the park, instead seeing a 3-5 year period of smaller investments meant to maintain interest as opposed to build new interest.
So in the first 5 years of Merlin ownership, both parks get a new coaster, new non-coaster ride, and a new flagship show. To save money, coasters would be twins, or contracted by the same company to be similar models (Thinking CF getting Levethian and Fury in back to back years from B&M). Twin for sure non-coaster rides, but give each ride a different skin (GotG mission breakout vs Tower of Terror). Shows specialized to each park to be a night time show (I'm thinking a Euro-star like show in GBW and Tribal celebration for GBT).
The few years following can just see, new cheap flats, updates to dining, themeing, cheap things. Hopefully over time they saved enough money, that they can make enough payments early, and then a few lean years can make them ready for a big investment again.
SEAS ends up declaring bankruptcy. Instead of being told to sell, they are forced to send to auction. Merlin or one or two other companies with ties to the industry make bids; but ultimately another company like Blackstone makes the biggest bid. And because it's the bid, and they need the most money to pay whats owed, they are forced to sell. The new investment team pulls the same stuff.