It's selling expensive local seafood when your competition selling cheaper imported frozen stuff.
> Also, companies receive and pay back loans all the time, it's quite a common procedure. Why should it be any different here?
If there was no difference, then there would be no need in inventing alternative capital formation legal structures like PPT.
The point of having a trust is not to form capital, but to enforce a certain company governance system (as described in the legal documents with whom the trust is set up) without tying it to who happens to be the owner at any given moment.
If you give somebody else governance/voting rights as part of the transaction - you might've created a security. That's why I mentioned capital formation.
There was an SEC paper which deemed "The DAO" (the first DAO) as a security.
I think most "governance tokens" also deemed as securities.