If by spin-offs you mean the concept of putting everything but SC into a separate company then I for one believe we will get royally shafted. 

I might be ok with all the Arizona properties bundled together but that's currently the case and supposedly no takers. If the drilling at EH shows a major find it should stay with SC and the two of them bundled together. It looks easier to sell/ get investors for properties in the same jurisdiction. 

Sombrero Butte looks like the red headed step child of the bunch. It's very much a greenfield property and likely not worth too much. However it does have some value and maybe ES could con/convince another jr to take it off our hands. ES will be in a home before it ever gets developed so get rid of it for something that could bridge the gap needed to complete the work at EH and MM and see what the work at SC does to enhance its value. Send over the ROFO, get paid and move on.