Eastwest Loco,
Not sure you're going to like this but how about Go? It's the only genuine case of this strange type of creation that has actually been tested in the real life world of being valued, assessed and sold.
Spun off totally separate from BA. Start capital of 25 million GBP. Lent 11 mill back to BA at commercial rates to improve the look of their balance sheet.
Inside 3 years sold off at 330 million. That's real money not 'valued at.'
Travel agents cut out of the loop. Call centre actually shunk in size as the internet sales took over. Internet sales took 3 months to reach 30% and then climbed towards 90.
No shortage of Ozmates and Kiwis who where there to confirm. Skippers picked up over 60,000 bonus on sale of company, i.e just about a year of basic salary - not sure about the effo's.
Only way to do it is dump everything considered the way to do things other than operational integrity and safety systems.
Regards
Rob