The SPSN shares will be accounted for under the equity method going forward.
And how does that work? Is it value of the shares on the market or the value of 40% of Spansion's equity? If it is 40% of Spansion's equity, than I stand corrected, the IPO price does directly affect AMD's asset in SPSN stock, because SPSN's equity will be lower than expected.
At some point AMD starts selling SPSN shares, however, they'll be getting cash equal to the value of the shares on the market...