The shell of the Unix company AT&T intends to spin out via a private placing – which if luck holds will be by the end of summer – has been set up and incorporated in Delaware. Intellectual property rights to Unix have been transferred to the new entity, which for the time being remains a wholly-owned subsidiary of AT&T. Apropos the private placement, the entity now has its own set of books, while payroll and other personnel matters have been made independent of AT&T. Morgan Stanley has been retained to handle the placing of 30 to 40% of the shares in Unix.
