recent downslideDifferent people sell for different reasons, but if the deal closes FCU shareholders will receive newly issued spinco shares. Since some FCU assets ($3M + stakes) will move to the spinco to give it some market value, FCU will have fewer assets and somewhere along the line the market will make the adjustment to value FCU and FCU spinco independantly. A freebe spinco with market value would be nice but the market could be saying no. It would seem early for such an adjustment but you never know.