Thanks Glenn,
Below are the pertinent sections you mentioned from WorldGate filing. I didn't realize that BGF's ownership of shares in these various Internet companies is through XL Capital. I still hve not been able to find details on BGF's ownership of XL Capital (either proof that they do indeed own them anf the actually level of ownership). I notice that they do have the same mailing address, but other than that, no other details are easy to find. I have done searches through BGF's last 2 annual reports and several quarterly reports, yet there is no mention of XL Capital.
It doesn't look like their ownership of Worldgate is very substantial since the 7 Series C stockholders collectively own approx. 1.5 million class C shares which will be around 1 million common shares.
One needs to carefully do their own DD when reading these posts on SI. Some of the claims made earlier on BGF's ownership of internet companies may not be totally accurate.
----
"From September 1998 through February 1999, we sold an aggregate of 1,529,714 shares of our Series C Preferred Stock at a purchase price of $11.00 per share to various investors, including Citicorp, Needham & Company, General Instrument, Scientific-Atlanta, Charter, Showtime and XL Capital L.L.C. (collectively, the "Series C Investors")."
"PREFERRED STOCK FINANCINGS. We have financed our operations to date largely through contributions from stockholders and a series of private placements of our Series A, Series B and Series C Preferred Stock. Each share of our Series A Preferred Stock was initially convertible into two shares of our common stock, each share of our Series B Preferred Stock was initially convertible into one share of our common stock and each share of our Series C Preferred Stock was initially convertible to one share of our common stock, subject to some anti-dilution protections. As a result of the stock split, each share of our
Series A Preferred Stock will convert into one and one-third shares of our common stock, each share of our Series B Preferred Stock will convert into two-thirds of a share of our common stock and each share of our Series C Preferred Stock will convert into two-thirds of a share of our common stock."
|
