The problem I see with public ownership is the risk that the government will sell it and that one will thus be exposed to someone reaping monopoly rents, and this creates my preference for co-ownership.

However, I think Soviet problems are in part due to a near-total absence of market mechanisms and of game-theoretic thinking-- i.e. 'what is this state enterprise actually incentivized to do', so I don't think it's applicable to these kinds of things unless they get ossified.