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http://biz.yahoo.com/rf/990716/bdo.html
Chicago futures firms plan $200 million IPO
By Elizabeth Smith
NEW YORK, July 16 (Reuters) - Lind-Waldock & Co., the No. 1. U.S. discount
futures broker, is on the verge of forming a publicly traded company with
three rivals that could take on the nation's top securities firms, sources
familiar with the deal said on Friday.
The firms, which all are among the top 40 U.S. futures brokers, are set to
file with regulators for a $200 million stock offering on July 26, sources
familiar with the situation said. With about $1.1 billion in customer funds,
the firms would be among the first to go public in what is still a
fragmented, clubby industry.
Aside from Lind-Waldock, the biggest of the four, futures brokers Saul Stone
& Co., LFG and First American Discount Corp. are part of the venture, which
has been engineered by Little Harbor Capital Management, an investment firm
in Marblehead, Mass., a source familiar with the situation said. Sheridan
Investments, a firm that manages futures accounts for investors, also will
merge with the others, the source added.
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