The problem I have with this is how did PP get a hold of THO if it was formed by the Darlings? When I originally thought they formed it, it was because I thought Wendy and her brothers were taken by PP but now we’ve seen that Bae sacrificed himself. I can see Wendy forming THO to find Bae, but how does PP play into it now?
Another little theory I’ve been toying with is that PP got wind of the fact that Wendy was looking for Bae, and he brought her to NL again to prevent her efforts, and she’s still there being held captive in present day. That doesn’t answer how he could have gained control of THO in our world though, just how he could have known about it. Hmmm…I suppose there would have to be someone already on PP’s payroll who could infiltrate…maybe he sent Felix out of NL…he went to the remaining Darlings, pretending to be someone who knew how to find Wendy…and once he’d weaseled his way in, he took over. Perhaps?