In Brief: Chase Forming Trust To Issue Preferred

Chase Manhattan Corp. has filed with the Securities and Exchange Commission to set up a trust that would issue up to $500 million in tax-advantaged preferred stock.

The trust would use the proceeds to purchase junior subordinated debt from the parent company, the SEC filing said.

Chase would use the proceeds for general corporate purposes, which according to the registration statement may include the repurchase or redemption of common or preferred shares.

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