What does Frank's company do? Is there any overlap between it and Spacely or Cogswell? What do you do? Do you work in an admin role of some kind that doesn't require much specialized knowledge or training? If so, I'd be pretty worried. If there's a team in one of these other subsidiaries that does basically the same thing as your team, the odds that both will be maintained are low.

otoh, if you're working a specialized role on a team that doesn't really have a counterpart, then I'd be cautiously optimistic but paying close attention to gossip and changes. In my experience, those changes start at the top and can take a while to work their way down to the common folk. The fact that Frank is being kept around is a good sign, imo, but if he seems to fade away, then I'd start to worry a bit.