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Infrastructure

IPO Withdrawal: US Power Generating Company

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By Douglas A. McIntyre Updated Published
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Broken_merger_torn_money_2We covered an IPO Filing back in August for a company called US Power Generating Company.  The company is a wholesale power generation company in New York which had filed to sell up to $500 million in stock via an initial public offering.  You can guess why we are referring to this in the past tense.

The company fileda registration withdrawal with the SEC since it no longer intends to sellthe Common Stock included in its past filing.  It won’t be too hard toguess the reason: due to market conditions.

The company said that no sales have been made or will be made underthat prior registration, but did not say that it may undertake a subsequentprivate offering in reliance on Securities Act Rule 155(c).

The company was slated to trade with the ticker "UPR" on the New York Stock Exchange and the original underwriters listed in the filing were Credit Suisse, Goldman Sachs, Merrill Lynch, and Morgan Stanley.

Jon C. Ogg
November 25, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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