If HERB is able to jump the hoops and get the dividend completed, they will have dramatically improved the credibility of the company
Spin-offs don't improve credibility. The lowest of the lowest, the crapiest companies out there can do spin-offs.
The reason why this stock dividend is important is
1) Now you have 2 horses in the race instead of just one. And if they take better care of the other horse (by getting it listed or if they repurchase our shares) then it's a huge win.
2) It's free. Nobody knew it existed in the first place.
3) It clears the path for their next move. Because there is definitely more coming. A buyout, merger or whatever.
But like I said, if they can't get it done, they will have to come out with both guns blazing (and disclose what they have been hiding from us so far). Perhaps pay cash dividends. Although the problem here is, their next move will take time. And uncertainty is never a good thing.