Ethanol high; Downstate processor Aventine spins corn into gold for Wall Street investors, but IPO leaves company out.(Markets)(initial public offerings)(Aventine Renewable Energy Holdings Inc)

From: Crain's Chicago Business | Date: April 17, 2006| Author: Tita, Bob | Copyright information

Byline: BOB TITA

When it comes to cashing in on surging ethanol demand, Illinois corn farmers have nothing on Wall Street bankers.

The recent IPO filing of Pekin-based ethanol maker Aventine Renewable Energy Holdings Inc. shows just how lucrative the corn-based alternative fuel can be for enterprising financiers. New York's Morgan Stanley Capital Partners acquired Aventine for $75 million in 2003. According to the March 31 filing, Morgan Stanley pocketed a $1...

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