1. Spin-of are generally structured to benefit shareholders of the parent company, meaning that all the debt will be moved to the nook spin off, call it NOOK, while assigning a share of the spin off company to the existing shareholders.
2. While this is good news for BKS, it is much better news for us as shareholders, since the spin-off, which I assume already has a potential buyer (Google, whatever) will most likely be bought at substantial premium in spite of the debts,
3 If each shareholder gets 1 share of hypothetical NOOK share, the real value of NOOK business will be at around $30 per each new share, provided that sales remain the same (1.8bn / 60mln shares)
4. I assume that BKS will get a 100% on sales of its own digital content while NOOK will be making $$ for its new owner ( i.e. me, since I will be the automatic shareholder)