Compiled by John O'Dell, Times staff writer

Rebirth of a Corporation: Standard Pacific Corp., which used to be Standard Pacific L.P., said that its conversion to a corporation from a limited partnership was completed as the clock struck midnight on Dec. 31.

What it means is that former Standard Pacific Limited Partnership investors are now Standard Pacific shareholders. The company, which had been a stock company until December, 1986, went back to that form of ownership to make it easier to raise funds, according to Chairman Arthur E. Svendsen.

No other changes are planned for the Costa Mesa-based builder, which specializes in medium-priced homes in California and Texas.

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