I'm not sure how Goldentree friends and family would benefit from this, other than if they just happen to love the SHL stub and assets. That's no different than any other investor that might want to buy Syncora shares at a price that equates to the expected distribution, and get the stub for "free". The key is that you have to like the stub and feel that Hnat and team can execute on realizing that remaining value. Huge question mark in my eyes, particularly after poor results from American Roads and now the Goldentree transaction.
If I truly had to guess at who was buying here... from my experience on past investments, its the parties interested in the SHL shell (or their friends and family). Not Star. Those are the people/entities that stand to benefit here and who may have the inside baseball on what SHL value could be in a potential transaction (because they know what they are proposing to Hnat). They also know that by holding Syncora shares they can vote in favor of their proposal because, for example, a merger with another entity should require Syncora shareholder approval.
Pretty sure I've answered this previously. The pieces are the shares, and they are static and do not change (outside of potential stock/option grants to the management/board if this goes into Q1). The trading of shares isn't impactful here, and isn't creating more shares that result in smaller per share payout.