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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: kolo55 who wrote (9281)3/13/1999 9:25:00 PM
From: Larry Brubaker   of 27311
 
Paul, first, nothing in the rules you cite defines a sale of borrowed securities as a "beneficial ownership."

Second, as the rules you cited say, a beneficial ownership of more than 5% of the outstanding stock requires a filing to the SEC on form SC 13-G. Castle Creek has not filed an SC 13-G. Therefore, my guess is the preferred shares they own do not constitute a "beneficial ownership" even though they are convertible to a sufficient number of common shares to represent 5% of the outstanding stock. My guess is holding the preferred shares does not constitute a beneficial ownership because they have no voting rights.

Since Castle Creek has not had to report a beneficial ownership attributable to their holdings of the preferred shares, I see no reason why they would have to report hedging transactions against those shares, even if a sale of borrowed shares did constitute a change in beneficial ownership.

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