Kirby, nice try but the actual number is probably closer to 2.7 million shares, or 10%. Reason: FMR is counting, as apparently they must by SEC regulations, the convertible debt as actual holdings of common stock for purposes of the 5% threshold. I erred previously by stating the amount owned by FMR as of 2/14/96 was 2.2 million; in fact, it was probably closer to 1.8 million (Form S-3 states FMR, as of 12/29/95, had $21.5 MM in debentures, i.e 400,000 shares worth -- subtract this from 2.2 million shares to get the actual market holdings). In any event, when you factor out the convertible debt issue, it appears FMR added about 900,000 shares to its portfolio in less than a month (i.e from 1.8 million shares to 2.7 million shares). And its debtholdings are up from $21.5 MM to $83 MM, i.e. were it to convert the $83 MM in debt to common stock, FMR would be entitled to 1,572,554 shares, hence the 4.2 million number referenced in the 13G.
Sorry if this is confusing, but it's important to have our numbers straight. Please let me know if you think I'm missing something. |
