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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: LLCF who wrote (1008)10/13/1999 9:34:00 PM
From: Larry Brubaker  Read Replies (1) of 1438
 
David, the 5% clauses seem to be thrown into these deals as a means of evading any requirement for the bandits to report their buying and selling transactions to the SEC.

While their preferred shares may be convertible into more than 5% of the common stock (therefore, presumably requiring a beneficial ownership filing, and subsequent changes in beneficial ownership filings), these clauses seem to be designed to avoid such accountibility.
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