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I'm pretty sure the 355 regs prevent you from doing something like that (not that you couldn't just do it anyway, but that you might get caught if you are trying to do something shady).

In our case, we didn't want to give up ownership in Fog Creek (which is profitable) and the investors were happier with a separate entity.

How do the option holders in the parent capture their share of the equity in the spinco in a transaction like this?

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