If Bill was under serious investigation for years now of offenses by the SEC than they wouldn't have approved this document and spin-off. Theres just no way they would no matter what he stated he was gonna do.
If they were investigating him for a couple years now and saw he applied for another company through the SEC they would have flat out denied him. I don't see how you could think differently on that, objectively.
What do you think the SEC would say to the same letter submitted by Randy for a spin off, they would deny it so quickly it would make his head spin. Private, Public or anything.