I agree that alliances are a more likely strategy than a spinoff.
I caution everyone not to get too excited about the Crestar announcement. Crestar is being acquired by SunTrust. SunTrust may be the most conservative bank in the world; and, they almost exclusively target the affluent. I can't imagine them supporting a big investment in a check cashing machine for the "unbanked."
Management have already indicated to analysts that they are looking for alternative ways to fund Mr. Payroll other than Cash Am. I believe all these alliances and/or joint ventures show the real value of Mr. Payroll so they can possibly do a stock sale or a spinoff. My opinion is, if you have something that has had a big increase in value, why not take profits on a big chunk of it but maintain control of it?? Think about it; Cash America would probably love to buy more mismanaged pawn shops but they need cash. This is just a hunch after reading Arkansas Gazette article about Walmart and the Hoak Breedlove analyst report. We may double in price from here within one year.