Lands' End said the spinoff would give both it and Sears simplified focus and operational flexibility.

Alibaba has said the spinoff decision was taken to comply with Chinese regulations governing third-party payments services.

Ratings agencies shrugged off the move, saying the spinoff would have no immediate impact on SunGard's credit ratings.

Simon Property said the spinoff, through a distribution to shareholders, would boost its sales per square foot, net operating income and occupancy rates.

Paragon creditors, via a litigation trust, sued Noble in 2017 after Paragon completed its own bankruptcy, saying the spinoff was a fraudulent transfer.

HCP, a healthcare-focused REIT, said the spinoff would allow it to focus on its core businesses - senior housing, life science properties and medical offices.

Malone initially backed the idea, but opposed it when Diller said the spinoffs should have a single-tier share structure to make them attractive to investors.

Temple-Inland said the spinoffs would include its financial services operations in Guaranty Bank and more than 236,000 acres of real estate operations.

The company said the spinoff would involve a one-time payment of $2.5 billion from the rental business along with a tax-free distribution to shareholders.