Ford announced a proposed public offering of its Hertz rental-car division, though company officials reserved the right to divest ownership of Hertz in another type of third-party sale or spinoff to shareholders. Either way, Hertz will be out from under the FoMoCo umbrella, and Ford will use the cash raised to pay off debt in the form of promissory notes, apparently in a really expensive and high-stakes version of Milton Bradley's Game of Life.
Ford's Hertz unit plans stock offer [Boston Globe]
Ford's Painful Spinoff [The Motley Fool]