Can't really help you here, as I don't remember Solomon saying anything about increased land value. Maybe someone else has a better understanding. Or, better yet, email Chad, and post.
That said, even if land values were recognized at a higher value, there would be no cash difference, so I don't see how there would be any distribution.
Perhaps, he was saying that the current stock valuation is $100M less than the net tangible asset value he foresees eoy 2011, after grants and retained or invested earnings. plus cap gain on the dairy. Not sure.
Also, I don't recall his saying that 25% of the parent company would change exchanges; just subsidiary spin outs.
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