The only thing to come out was an article in the World herald paper this morning as follows:
Level 3 Awaiting IRS Ruling
BY MEELENDA NORRIS
WORLD-HERALD STAFF WRITER
Level 3 Communications Inc. will likely become an independent company on March 31 when the proposed split from its parent company, Peter Kiewit Son's lnc. of Omaha, is expected to be finalized.
Kiewit stockholders approved the spin-off n December, pending -a ruling by the Intemal Revenue Service that would make the transaction tax-free.
Kiewit said Monday that a ruling in the stockholders' favor is expected within a few weeks. The company set a March 31 date to finalize the transaction.
Kiewit's two independent operations will split into two separate companies. The longtime construction and mining operation will continue to be called Peter Kiewit Son's lnc. and maintain its headquarters offices in Omaha.
The second operation, formerly known as Kiewit Diversified Group, will change from a venture-capital unit into Level 3 Communications, the architect of a nation- wide Intemet-based communications System. Level 3 will move its headquarters offices to Broomfield, Colo., where it anticipates creating about 2,000 new jobs.
Among Level 3's holdings are PKS Information Services Inc., which will remain in Omaha.
Under the terms of the split, stockholders in the construction group and the diversified group will be issued new shares in their respective new companies.
Kiewit is an employee-owned company, and shares in the construction and mining operation are not transferable. However, employees have had the option of selling their Kiewit Diversified shares to non-employees since a separate class of stock was created in 1992 for that operation. Shares in what has become Level S Communications, listed by Kiewit employees under the Kiewit name on the over-the-counter Bulletin Board, closed Monday at $49.871/2, up 37.5 cents.
It seems to me that each large run-up in the stock has been preceded by information in the World Herald. Last weeks runup was preceded by articles in the paper Friday & Saturday about the campus facility L3 is building in Colorado.
Just watch the morning papers business section and if anything about L3 is in it -- hang on for an up-tick. |
