keg, I think the nutshell of it is if you have a business that say is worth $100 but you can only sell 50% then the most you can make is only $50.
But if you can split your business and make them two independent, profitable operating units then technically you have two business now worth more, may not be double but worth more than the one entity. So say each unit is now valued at $75 each, total $150, now sell 50% to investors and your profit is $75. A 50% increase in profit.
I know this is a very simplistic view but still indicates that it is driven so to be able to attract investors to different units (profit making)in the business rather than an investor having a chunk of the overall package where there could be loss making unit.
So, split the business, have investors invest in the money making unit, use the money made from that investment to restructure and turn around the loss making unit, make that profitable to attract more investors and so on.
Selling or closing one of the units would be detrimental to this scenario.
Maybe there is after all method to the madness. Let's hope
