Perhaps with one eye on central banks' growing bias towards raising interest rates, managers are recommending that most of the equity proceeds be parked in cash, rather than invested in bonds.
This shareholder also expressed concern that Vodafone would use the cash proceeds from such a deal to buy assets in Europe of lesser quality and less-reliable cash flow than the No. 1 U.S. mobile-phone operator.
Schorn for 4 million shares. (Schorn's brother, Terence, is president of War Eagle Mining.) CanWest sold the Alberta prospect in October for "nominal cash proceeds" and wrote off the investment.
The problem has become so vexing that the Treasury Department issued a rare advisory last year that warned American banks about "a dramatic increase in the smuggling of bulk cash proceeds from the sale of narcotics" and the "potential misuse of relationships with U.S. financial institutions by certain Mexican financial institutions, including Mexican casas de cambio, " or currency exchange houses (see diagram).
Recently I have been relatively neutral on stocks because the markets in January have been flooded with cash from investors reinvesting proceeds from year-end tax avoidance selling and bonus income they took last year instead of 2013.
But there is no net cash at all if the sale proceeds are re-invested in fresh assets, yet the IRS will insist on levying a tax.
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Ms. Mayer's "review process may lead to a reevaluation of, or changes to, our current plans, including our restructuring plan, our share repurchase program, and our previously announced plans for returning to shareholders substantially all of the after tax cash proceeds" from the sale of Yahoo's stake in Alibaba.
If, instead, they cash in bonds and certificates of deposit, and then invest the proceeds in taxable bonds in a 529, they haven't altered their overall asset allocation, but have improved their tax situation.
To fund the deal, Julius Baer will use a combination of cash on hand and proceeds from proposed capital raises, which includes bringing BofA in as a shareholder, according to the press release announcing the deal.
Instead of holding pledged stock in trust accounts for its customers, says the complaint, Credit Bancorp put the shares in cash or margin accounts, sold or borrowed against the stock and kept the proceeds, sometimes buying more securities with the money.
Should an investor declare victory for 2013, cash in his chips and sit out the rest of the year with the stock proceeds hiding in the comfort of riskless T-bills?
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