Hi James:    "...  PP isn't an arm of the federal government anymore than General Dynamics ..."  OK, I think that we're making some progress here.  :)  And just like a Federal contract with, say, Halliburton, there is nothing in the law that says said contracts ought to be extended infinitely into the future and never come up for renegotiation, or indeed, termination.  Right?

"... you ask the absurd question ..."   Why absurd?  In many ways, taking PP fully 'private' as a charitable foundation makes eminently good sense.  As EN noted, quite a share of PP's funding already comes from such entities as the Gates Foundation or the Pew Charitable Trusts.  Take it all the way to 100% by dunning the stable of rich liberals I mentioned (who all could easily afford to fork up a few $10s of millions each - most of them, every year!), and look at the advantages.  Free of any remaining Federal restrictions.  Out of the crosshairs of the Culture Wars.  In the friendlier state jurisdictions ...