21.  A share of a REIT and an operating company are paired together and trade as one.

22.  ABB, the operating company, has no shares listed.

23.  AFC Enterprises said Thursday it has merged its international operations and sales development teams into the domestic operating companies for its top brands.

24.  All four are regional Bell operating companies.

25.  But Bolduc was clearly moving towards being an operating company.

26.  But for conventional operating companies, he is willing to pay seven to nine times cash flow.

27.  But unlike them, Liberty is structured as an investment portfolio, not an operating company.

28.  Charging too much would effectively kill competition, while charging too little, the Bell operating companies say, could cripple them.

29.  Concert also will pressure Bell operating companies whose turf is the local market, including the soon-to-be-merged Bell Alantic Corp. and Nynex Corp.

30.  CMGI will find that credibility as a manager of operating companies comes one quarter at a time.