the flaw in that logic is that the reality is keeping the business together reduces value to ORI shareholders, not increases it. it reduces choice, not increases it. If they pushed the spinoff, ORI shareholders could choose to hold onto RFIG or not. That was the great part. Any value of RFIG was not 'lost', it was spunoff. It was there through what was supposed to be the new spinco. the market will never go along with mgmt saying hey forget about all these losses you see, pretend they are not here and ignore gaap. may be more true to ignore but market won't do it. so now the status quo remains and the badco will continue to cover up the goodco and shareholders will suffer for years. too bad.