Business Services Industry
SEC, IRS weigh hybrid securities proposed by Valor Communications of Texas.
Knight Ridder/Tribune Business News, August, 2004
By Vikas Bajaj, The Dallas Morning News Knight Ridder/Tribune Business News
Aug. 30--How do you sell a profitable but staid rural telephone company to investors?
Irving-based Valor Communications Group Inc. and its financial advisers thought they had the answer with a hybrid stock and bond security that would pay both dividends and interest.
Investors would flock to the income deposit securities, because they would pay more than ordinary bonds and stocks, or so the thought went.
There are just a couple of snags: the Securities and Exchange Commission and the Internal Revenue Service.
The SEC has yet to approve Valor's initial public offering and similar proposals from 18 other companies.
While the commission...
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