Almost a fourth of the value of the First Southwest Co. buyout by PlainsCapital Corp. last year hinges on the performance of a portfolio of distressed investments over the next four years, according to a filing with the Securities and Exchange Commission yesterday.

At the end of last year, First Southwest, a financial adviser and broker-dealer based in Dallas, sold itself to PlainsCapital, a bank. PlainsCapital yesterday filed for an initial public offering and described the details of the First Southwest deal in its registration document.

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