Summit Technology (BEAM) Message Board

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Biotech / Medical : Summit Technology (BEAM)

BEAM 25.03

+1.3%

Nov 26 3:59 PM EST

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To: pappy who wrote (813)	4/12/1998 1:30:00 PM
From: voodooist	Read Replies (1) of 1386

First of all, thanks for responding. I had been assuming that it was a tax free spinoff until just this AM I read the prospectus we were sent from LCA. On page 29-30 it says that "Summit has been advised that the distribution will not qualify as a tax-free distribution for fed. tax purposes". It then goes on in a very confusing manner to indicate that the value of the shares is dependent on Summit's earnings in l997 which can't be known until the end of the year. Where did you get your information????? I certainly hope that you're right. If indeed this is a tax free spinoff then I believe there is a form that must be filed stating this and the number of shares received. For example, when Rockwell INT. spun of shares of Meritor (and of Boeing last year) the prospectus contained a copy of the letter that must be filed with the IRS where you plug in the number of shares you received.

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