BLCO spinoffSeem like smaller shareholders of the parent company BHC are giving away the gem of the company. During the orginal IPO of BLCO that just over 11% was sold off at fire sell prices with no benifit to BHC or it's shareholder. As this was mostly a closed deal many of the existing shareholders were able to partake in purchasing shares in BLCO. The proper way to spinoff BLCO was through a warrent offer that could have been given to shareholders to allow then to partcipate in the future of both companies.