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Even poor judgment by a Wall Street analyst couldn’t put a damper on the initial public offering of iPayment, Inc. The Nashville-based processor of credit and debit card payments raised $80 million in its May 12 IPO. The offering was underwritten by The Bear Stearns Companies Inc., Thomas Weisel Partners LLC, and Wachovia Securities, Inc. The IPO had to be postponed because Bear Stearns used a stock analyst to promote iPayment’s shares on an Internet road show, a no-no under the April 28 settlement agreed to by ten Wall Street banks, including Bear Stearns. The underwriter’s bad press didn’t affect the issuer, which sold 5 million shares at $16 apiece, and saw them open at $19.20. iPayment plans to use $46 million of its IPO take to pay off some debt, $5 million for working capital, and the rest for future acquisitions. For issuer iPayment, Inc. (Nashville) In-house: General counsel Afshin Yazdian. White & Case (New York): Mark Mandel and associates Carlos Canon and Colin Diamond. For underwriters The Bear Stearns Companies Inc. (New York), Thomas Weisel Partners LLC (San Francisco), and Wachovia Securities, Inc. (Richmond) Latham & Watkins (Los Angeles): John Huber, Marc Jaffe, and associates Michael Ben, Dory Michaelson, and Monica Thurmond. (All are in the firm’s New York office except Huber, who is in Washington, D.C.).

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