The investor's stockbroker is then required to provide the investor with a preliminary prospectus.

The preliminary prospectus for the offering provides a rare, clear look at some of the potential conflicts of interest in the money-management business.

Indeed, according to a preliminary prospectus, "management believes that the widely known 'Lois' name will have significant value in seeking potential acquisition candidates."

The preliminary prospectus stated that the company was seeking to raise $5 billion.

The company filed a preliminary prospectus - a business plan - with securities commissions across the country, a requirement before it can offer shares.

Potential investors may not place buy orders for the security, based solely on the information contained within the preliminary prospectus.

It will be worth roughly $250 million, based on an offering price of $18.50, the midpoint of the range published in the company's preliminary prospectus.

It is also an extraordinarily profitable business, as borne out by a preliminary prospectus that Blackstone filed late yesterday.

Bethlehem's statement came in a preliminary prospectus for an offering of 12 million new common shares, which would increase the total outstanding to 64 million.

The offering was priced at the high end of the range of $24 to $27 Sears had forecast in its preliminary prospectus.