OK, let's assume Transcor business was worth $100MM at time of merger, and let's further assume that OPCO paid nothing for it.
Those are assumptions, now the facts. All the real estate was revalued and the lease payments were jacked up significiantly to the point where OPCO wasn't making enough money, even with whatever wonderful profits it was getting from Transcor. Please explain to me how OPCO (or its shareholders) are benefitting.
Bear in mind that the affiliated lease structure is so one-sided in favor of PZN that some great analysts (and auditors) are (were) concerned about tax implications. Bear in mind also that a class action lawsuit "forced" OPCO to pay more moeny to PZN (which we now have to refund via fee adjustments). The lawsuit wasn't insignificant. In fact, the lawyers worked so hard on it (and got so much value for PZN shareholders) that they were awarded $4.5MM in fees for the sweat of their brows.