Ann: Equity Hedge Update 18 November 2009 , page-16

capitain,

A lot of that depends on whom they want to own them going forward, and the role of shareholders and how to bleed them, and which shareholders can be bled the most with the least difficulty, and which shareholders have the degree of control that suits them and control over ?.

I will leave you to work out which shareholders that applies to, then you can work out whether the "return share holder value" argument has any merit