Four things to watch for as Babcock & Wilcox splits this summer

New filings with the Securities and Exchange Commission provide some food for thought as The Babcock & Wilcox Co. prepares to spin off its power-generation division this summer and create two independent companies.

Here are four issues to keep an eye on:

1. Betting on a buyer for either independent company may be risky. B&W CEO Jim Ferland has insisted from the outset that the decision to divide the company was not aimed at getting a buyer for either the power-industry-focused Babcock & Wilcox…