Yellow Pages Group raised some eyebrows recently when it disclosed on its earnings conference call that its fourth-quarter costs to convert from an income fund to a corporation totalled $30-million.
That's a big number, considering that bankers who work on trusts say that the cost of conversion for most is in the $1-million range, which covers legal expenses, advisory fees and other incidentals.
So why was Yellow's cost so much more?
Yellow Pages is known for a complicated corporate structure, and on the call, executives pointed out that it was "complex" as conversions go, with more than 300 corporate actions.
However, further details have been hard to come by. The company didn't respond to requests for comment.