IMO, NSAV will remain a holding company. It gives them a lot of options. For instance selling off losers. How do you unentangle companies that are merged into the parent? Too messy. I believe NSAV was chosen by SBC precisely because it was a holding company. There are lots of shells, there are not a lot of holding companies that are shells. We were picked because water was worth more than NSAV shares and because it was a holding company. They won't soon give up that. Did Warren Buffet give up that status when he bought Berkshire Hathaway?
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