I don't think it will happen like that. In any case, I will not make assumptions that are not supported by what is actually written in the plan, the DS, and the EC Q/A. I don't assume a company is waiting to buy the newco, or that there are undisclosed assets, or anything else that is an assumption that has no basis in what has actually been written.
I think the entire structure is tax-driven; i.e driven by the desire to preserve as much of the less restricted NOL's as possible. As I read the DS, there could be anywhere from $7 - $11 billion in NOL's, no more. And the newco will have to be very careful not to do something that would jeopardize those. And immediately selling the newco to a larger company might just cause the IRS to disallow the NOL's.