I believe that Ken cooked this idea up as a way to protect the company when he figured out that the time was right for the VKB. It was probably his way to keep the converts from owning the VKB.
Time and history have changed the playing field and I would now venture to say that the damage has already been done and there is no longer any reason to spin off IBIZ. Since it hasn't already been done, It will probably not be done at all now.
Of course, that's just my opinion. I could be wrong.
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