This seems logical to me.

Whatever the exact order, I'd imagine it would come out in a relatively short time frame. I think myself as a shareholder would be happier to see a spinoff first, and then have the option to liquidate Arizona or wait on the PEA which would hopefully be a greater percent boost when already spun off with less shares to trade - then if it was part of the already large float and presumably larger market cap CUU in its entirety.

Also makes it easier to sell properties by selling the companies. I'd also prefer the more pure plays.