24/7 Wall St.
05-15-2008, 01:00 PM
24/7 Wall St. Daily News
Verso Paper Corp. (NYSE: VRS) was one we noted yesterday as "slashing terms" after the pricing level was dropped and the share count in the sale was dropped. The company priced 14 million shares at $12.00 a piece, and shares are now under $10.00. It's also only the first day. Verso was formed as an independent company that was acquired out of International Paper in the last few years, and the problem here is that the company's use of funds is to repay debt that was used to pay Apollo Management L.P. a dividend last year. Many investors don't mind...http://feeds.feedburner.com/~f/typepad/RyNm?i=lbSeDH</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=lbSeDH) http://feeds.feedburner.com/~f/typepad/RyNm?i=ABMjJH</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=ABMjJH) http://feeds.feedburner.com/~f/typepad/RyNm?i=4UCJ2h</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=4UCJ2h)
complete story here... (http://www.247wallst.com/2008/05/busted-ipo-vers.html)
Verso Paper Corp. (NYSE: VRS) was one we noted yesterday as "slashing terms" after the pricing level was dropped and the share count in the sale was dropped. The company priced 14 million shares at $12.00 a piece, and shares are now under $10.00. It's also only the first day. Verso was formed as an independent company that was acquired out of International Paper in the last few years, and the problem here is that the company's use of funds is to repay debt that was used to pay Apollo Management L.P. a dividend last year. Many investors don't mind...http://feeds.feedburner.com/~f/typepad/RyNm?i=lbSeDH</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=lbSeDH) http://feeds.feedburner.com/~f/typepad/RyNm?i=ABMjJH</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=ABMjJH) http://feeds.feedburner.com/~f/typepad/RyNm?i=4UCJ2h</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=4UCJ2h)
complete story here... (http://www.247wallst.com/2008/05/busted-ipo-vers.html)