Plains Resources plans spin-off of upstream subsidiary

Houston-based Plains Resources Inc. plans a spin-off of its upstream subsidiary, Plains Exploration & Production Co., possibly in the first quarter of 2003.According to the company's filings with the US Securities and Exchange Commission in June, that will be done through a possible initial public offering of 19.9% of the subsidiary's common stock, followed by a distribution to Plains Resources stockholders of the remaining 80.1% of outstanding shares.But before that, Plains Resources officials want a letter from the US Internal Revenue Service confirming that the proposed IPO would not affect an IRS ruling in May that the distribution of the subsidiary's stock would be tax-fr...

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