Quarterly Income Preferred Securities

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Quarterly Income Preferred Securities

Preferred stock representing a portion of ownership in a limited partnership. The limited partnership is a subsidiary of another company and exists only for the purpose of issuing the QUIPS. The proceeds from QUIPS are lent to the partnership's parent company. These securities thus combine aspects of stocks and bonds; they mature on a quarterly basis and usually have a par value of $25. Returns on MIPS come out of the partnership's pretax earnings, and, therefore, can result in tax advantages.

Quarterly Income Preferred Securities (QUIPS)

Preferred stock that represents interest in a limited partnership formed for the sole purpose of lending proceeds of the equity issue to the parent company. Dividends to holders of QUIPS are paid from tax-deductible interest paid by the parent corporation.
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It covers the wholly-owned Time Warner Cable systems in Manhattan, Brooklyn and Queens as well as the QUICS and Staten Island Cable systems which are managed and 50% owned by Time Warner.
addition, the outstanding $125 million of QUICS are affirmed at
The redemption agent for the QUICS is: The Chase Manhattan Bank, c/o Texas Commerce Bank, Corporate Trust Services, Box 219052, Dallas, Texas 75221-9052.
The cable group also includes QUICS, Staten Island Cable, New York 1 news (the 24-hour news channel) and Time Warner CityCable Advertising.