If there is in fact a spin off and, at this stage, this is purely speculation, I am pretty sure that there would be a good liquid market for the shares as they initially hit the market.

I would assume that every share of FNC would entitle you to 1, half or third a share of the spin off.

Anyways, such speculation can be debated all day and night. At the end of the line, it is neither here nor there at the moement.