Pre-question (answered here): Is there a compound word A|B with original components A and B that might be slit as A'|B' if A borrows some letters from B (or the other way around) to form A', and B' keeps the rest?
With that background:
Is there a word with three components A|B|C such that diverse associativity interpretations could lead to alternative meanings? Like (A|B)|C being different from A|(B|C) ? Or reorganizing A'|B'|C' by creating new words with order and letter conservation?