The spinoff is discussed in some detail in the Form 10 of Michigan Commerce Bancorp Limited at:
http://www.sec.gov/Archives/edgar/data/1468759/000084026409000057/form10.htm
I had been in Capitol Bancorp over 5 years ago and was surprised to see it driven into the $2 range and so bought back in last Wednesday. I'm pretty happy right now, even if it just holds the gains it has made so far.