Remember than just because Oxford bought the note for $6.5M, that does not mean Fountain only owes $6.5M. They still owe the whole nut, and the interest on that whole nut. So if Fountain continues as a going concern, its got to pay back that debt. If its liquidated, then Oxford gets paid the first $25M or so of whatever is bid at auction.
So there is no question that Oxford has thrown a monkey wrench into the situation. Clearly, the bank was willing to walk for a fraction, and they did -- they sold the note to Oxford.