Thanks jack for the response. I really don't have an interest as such in getting into the IPO's, I was wondering how the shareholders of BX benefit from the spinoffs. I did do some research after my initial post and it seems that BX will plow any gains directly back into the company to fund other purchases (instead of cash distributions or shares in the spinoff).
I'm actually fine with this. As long as BX hits next year's target earnings of 2.85 even if the PE contracts to 10 we still have a stock price of over 28.