"Why would HBK wish to entertain something like this???"
Two words - Risk Managment.
Shares the costs (both predictable and the unforeseen), and minimises the current mgmt's exposure to actually having to get the thing off the ground.
Minuses are less profit, less control etc.
The actual benfit to the shareholders is somewhat ambigous. Might make less money than an actual buyout, however again, the risk of losing it all is also substantially reduced.