Do I follow this correctly?
HC 100% -> A
HC 60% - > I
HC 40% -> B
I 60% -> B
Wouldn't that translate to HC pass through ownership from I being 60% of 60% = 36%
So HC 40% (Direct) + 36% (Indirect) = 76% -> B < 80%, thus no CG?
Or am I off base on my analysis?