We know from the markets that a return of capital just means the...

We know from the markets that a return of capital just means the company share price will be dragged back by the amount (just like dividends drag the hare price back by the amount or more). If OZL will have less cash to do stuff, when the hard times come- and they always do- OZL could be stuffed.

Better, imo, to give back to shareholders by separately listing the holdings that OZL has in SFR, Toro, and IMX. I believe these assets are not included in the cash balance of $660m? If holders had access to those shares/a new company, it would seem to give some of the "power" back to holders, it would not damage the fundamentals of the company like a capital return would (even dividends lessen the amount of cash), and OZL could get on with their development.