Transition to a holding company has little to no impact TODAY on us. Think of it as a yard sale. By creating a holding company Xerox is organizing its various divisions under a new umbrella, getting everything ready for sale. Just like a yard sale where all the kitchen stuff, clothing, furniture, electronics, etc are all sorted on your front lawn for sale. Well, essentially that is what Xerox is doing by creating a holding company.
Xerox Financial Services (XFS), PARC, The Americas (Feldman), Europe/DMO (Herve), PARC, oh yeah, the debt, don't forget the debt. These are all going to be isolated under a single holding company as individual divisions pre-packaged for sale and then the Yard Sale sign goes up around town.
Perhaps CIT, US Bank, Wells Fargo, etc are interested in purchasing the lease portfolio. Remember when Ikon sold off its portfolio for $0.85 on the dollar.
Perhaps some Silicon Valley firm is interested in purchasing PARC. Heck, Apple may do it just for the nostalgia.
Perhaps HP is interested in acquiring The Americas Sales organization. There were at the beginning of 2018
Perhaps Fuji is interested in Europe and the DMO Channel. And Probably at a BIG discount just to appease them and settle the lawsuit.
You create a Holding company (with the Xerox name) so you can sell off the pieces, but keep whatever value is left in the name. I don't know that anyone will be interested in purchasing the Xerox name, which is another reason you put it in a holding company.
And finally, there is a "poison pill" in the Xerox/Fuji Joint Venture that makes it very difficult for Xerox to be sold off to another company as a whole. By breaking everything up into pieces, and selling them off without the Xerox name, Icahn may be able to wiggle his way around the poison pill by not selling off the whole company to a single competitor, and leaving the Xerox name with the holding company.
Icahn is playing chess.
Think this was an excellent post by @XYDxhDG-1yts that hits the nail on the head.