Lipo's cost-free balance sheet clean-up

Taking advantage of a novel offer by an undisclosed international institutional investor, The Liposome Co. Inc. is about to do a little balance sheet housecleaning at no cost to the company. Late Friday, the company announced that it is calling for redemption on Oct. 14 of the remaining 1.18 million shares outstanding of its Series A 7.75 percent cumulative convertible exchangeable preferred stock.

If the preferred shares are redeemed for cash, holders would receive $26.9597, which includes the current redemption price of $26.40, plus the accrued dividend of $0.5597 for the third and part of the fourth quarters...