where you say "NOTE: I'VE TAKEN DOWN THE LINK BECAUSE THOSE E-MAILS ALSO INCLUDE THOSE FROM HBGARY ITSELF, WHICH ONLY OWNS 15 PERCENT OF HBGARY FEDERAL."
from Greg Hoglund, he says "I am extremely excited to announce that Aaron Barr and Ted Vera have
joined the HBGary team! Ted and Aaron will operate and lead HBGary
Federal, a wholly owned subsidiary of HBGary, with a focus on
contracting in the government space."
I take wholly owned subsidiary to mean HBGary owns 100% of HBGary Federal.