Hi rkeeb. I'm travelling and don't have the detail in front of me, but basically the GM price for T2 will based on 5 day VWAP for LAC (ex LAAC) post separation. There is a proviso that GM cannot own more than 30%, so there is effectively a floor price, which works out at around $7 from memory. The ceiling price will adjusted for the separation, but that is an academic exercise, IMO. 
Regardless, I agree with you that it would seem  to be in the interests of the management team to maximize the VWAP and minimize dilution. 
Also, given that T2 and DOE loans are interdependent, I am unsure which comes first, and how they will impact VWAP. 
Cheers.