It is not yet known what will happen to HMV's branches and 4, 350 staff.
HMV, which seems to have recently survived by the skin of its teeth, is a listed business.
However, Mr Forbes Watson said he thought it would be a "mistake" if HMV bought Ottakar's.
HMV's administrator, accountancy group Deloitte, said it would try to sell the Irish shops.
Hilco plans to have its own people working alongside existing HMV management in the new set-up.
Today only the initials HMV are used but items bearing the image have become highly collectible.
HMV, which has faced intense competition from online retailers, went into administration in January.
But HMV will need more than seasonal windfalls to secure a long term future.
Also the "Inbetweeners" movie has become the biggest selling DVD launch for HMV ever.
The good news about HMV is that it is going backwards slower than it was.
HMV, Jessops and Blockbuster have all been forced into administration so far this year.
He said the single sold almost 400, 000 copies, both digitally and in HMV stores.
During the six-month period, HMV said its like-for-like sales were 10.2% lower than a year earlier.
Hilco bought HMV's debt, a move that could pave the way to taking control.
The debt deal paves the way for Hilco to gain full control of HMV.
Meanwhile, restructuring specialist Hilco has emerged as the frontrunner to save HMV, reports say.
Deloitte said it was able to honour the vouchers after assessing HMV's financial position.
"We haven't seen anything like that since Band Aid, " said HMV spokesman Gennaro Castaldo.
Music retailer HMV said demand for the record had been "absolutely huge" in Liverpool.
Music chain HMV and camera-seller Jessops both went into administration earlier this month.
Now that Tower Records and the HMV Shop are history, how do we consumers determine price?
It just kept on getting better and better for HMV as computer games arrived, along with DVDs.
Other companies, including chocolate firm Thorntons, music store HMV and children's goods retailer Mothercare, announced shop closures.
Matthew Hopkinson, from the Local Data Company, said the HMV development was particularly worrying for shopping centres.
Mr Mamut already owns 6% of HMV, which has issued a string of profits warnings this year.
Blockbuster's administration came after music chain HMV and camera-seller Jessops both went into administration earlier this month.
Hung Up is also likely to remain top of the singles chart for a second week, HMV said.
These include the music retailer HMV, the camera group Jessops, and the DVD and games rental company Blockbuster.
More than 100 people in Northern Ireland face losing their jobs with the closure of nine HMV stores.
Zavvi and Borders have gone, HMV is shrinking and Habitat are closing all of their shops outside of London.
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