The more I think about the JV and the future I'm starting to see this as a excellent legal way to protect the IP in filing Chapter 11. We don't fully own it we are licensing it; claims of debt holders may not be able to make claims against it.
A thought is if the JV owns the IP and Xerox goes under and resurfaces form bankruptcy as technically and legally another company then the IP could be re licensed to the new company.
There could be a silver lining in this JV setup in a bankruptcy; the stock holders get sc--wed, outstanding debt gets taken care off, any pension plans get wiped off the books and the new emerged Xerox goes back to licensing the IP and back to business with a smaller and leaner operation.