Bankers who spent the last few years stuffing companies with debt are now hoping to drain some out. Even advisory shops like Lazard, which just hired a former Goldman Sachs capital markets specialist, are looking to cash in on what Wall Street has called the "re-equitization" trend. But once again, bankers may end up doing better than their clients.

The stock market's recovery from its March lows has buyout shops and private investors lining up to take their portfolio companies public. A few, like Hyatt and Dole Food, have recently started plans for initial public offerings, while a host of others, including HCA, First Data and Dollar General, are cobbling together deals.

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