The court reasoned if the government owned any part of an entity, the entire body became an instrumentality of the government. This ruling is significant because political actors, both executive and legislative, are assigning functions with a public character largely without criteria and with consequences that are expensive to both the public and private sectors. Such was the case with the Federal Assets Disposition Association who seeks to be private in its direction and interests but public in its rights and privileges. The most important characteristic that separates public and private is sovereignty. Legitimate right to got to war with another sovereign.
Sovereigns are immune from suit except by their permission.
Sovereigns are indivisible. Sovereign state may disavow debts but can't go bankrupt. This issue of sovereignty is important, because private firms that contracted by the government may fall into a legal limbo. There are additional factors to be considered. Issue of accountability, public safety, national security, and corruption in privatization need to be discussed.