Luxor currently owns 47% of the common stock of William Lyon Homes, the most of any investor, but it would see that stake fall to 30% after the IPO.

Paulson & Co.’s stake would fall from 13.7% to about 10.8% after the IPO, while Colony’s would drop from 5% to 3.9%, according to filings with the SEC.

Bill H. Lyon, the son of the company’s founder, Gen. William Lyon, isn’t using the IPO to cash out an ownership stake. The younger Lyon instead appears to be gaining clear control in decision-making at the company.

Thanks to his substantial holdings of Class B shares—which allow shareholders two votes per share—he and his family are set to assume 51.6% voting power once the company goes public, according to regulatory filings.

Luxor, Paulson and Colony’s combined voting power would come to about 30% after the IPO. Luxor and Paulson still would have a say in the nomination of some board members at the builder after the IPO, according to SEC filings.

Bill H. Lyon and his family have had a little more than 31% of the voting power of the company’s stock since last year’s recapitalization. He also is expected to own a 17.7% stake in the company’s common stock post-IPO, down from a current level of 22.1%. That would equate to a nearly $130 million worth of stock in the company, assuming the high end of $24 a share in the IPO.

The younger Lyon was named the builder’s chief executive in March after previously serving as president and chief operating officer. He is one of 11 new entries to this week’s OC 50, the Business Journal’s annual listing of the area’s most influential businesspeople.

Bill H. Lyon shares an entry with his father, a longtime OC 50er who now has the executive chairman title at the company he founded.