> Sounds to me like an assumption built upon:
> (1)bankruptcy declaration +
> (2)fact that Hyperion is still here =
> (3)someone must have bailed them out

Well, back then, Ben Hermans claimed that Hyperion's bankruptcy wasn't declared by Hyperion itself but by a third party. He didn't say who but it was probably a creditor or someone regarding himself as creditor. According to Hermans, the declaration was unjust so he got it annulled by the authorities.

"Hyperion Entertainment CVBA is not in a state of bankruptcy. Due to an unfortunate set of cirucmstances, the company was temporally listed as "bankrupt" despite the fact that the conditions for bankruptcy were never met and that in the eyes of the law, the company was never bankrupt."
http://www.hyperion-entertainment.biz/index.php/news/38-corporate/160-clarification-of-current-situation