Yes, sure. The bonds have some speculative value and that's fine. If pirate makes a payout, or Pirate is successfully sued (lol), TBP holders will get some BTC. All Goat needs to do is continue acting as a pass-through of whatever comes through the Pirate pipeline.

If pirate pays out and Goat uses the money to buy back bonds, that is a breach of contract. The pass-through as described passes through as dividends.