By "transfer" you mean that TRW should use the loan to buy TFA&B? Transferring something that you own x% of (well, have a deposit in) to another company that you own y% of, while the other owners of the second company owns nothing of the first company seems to require someone to put a lot of cash on the table (or the TFA&B-owner to acquire shares in TRW).
Why would it be different
It just seemed to me that when they said it (the CC?) they seemed to be eager to tell us that TFA&B and TRW would not compete against eachother (and the reason not being that they would become one)
The suspicion I have had, is that they are "getting away" with downsizing the book piece by piece, instead of admitting it's mostly rotten and constructed for other means.
So the segments keep "failing" and all "cash flow and investments" disappear with market "change".
While doing it, the dillution is the cash cow.
Still, looks like they are building real business with TRW. That's our major hope
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