I can't assess if it's illegal, and it sounds like typical structuring for high-capital assets. But it also somewhat subvert the spirit of requiring financial filings for public companies in the first place. Investment markets are built on the principle that every investor should have the same public understanding on material matters to the business - and large expenditures or lease committments should really make the disclosure. If nothing else there is a self-dealing/self-enrichment of principals risk and watering down of investment if something underhanded is going on with these deals - as has happened in the past (e.g. WeWork, reportedly some cases in Amzon too)