Fonix:Voice Recognition Product (FONX) Message Board

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Technology Stocks : Fonix:Voice Recognition Product (FONX)

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To: Fairways9 who wrote (1500)	12/17/1997 7:52:00 PM
From: john harris	Read Replies (1) of 3347

Hi Fairways. You questioned: <<What kind of disclosure would be necessary if an insider's relative were shorting the stock?>> It depends on what kind of relative. The SEC rules term someone a beneficial owner if that person has a direct or indirect pecuniary interest in the subject securities. A family member falls into the category of indirect pecuniary interest if he or she is in the immediate family of the officer or controlling shareholder AND lives in the same household as the controlling shareholder. <<Also, isn't Dudley on the board of an international investment fund?>> If the fund is a "registered" investment company under the Investment Company Act of 1940, then any purchasing or selling of FONX in the fund is exempt from the filing requirements that Dudley would be personally be subject to as a controlling shareholder. This, regardless of the fact that he may be making the investment decisions for the fund. <<Could the insiders invest in any funds that were shorting Fonix without disclosing it?>> Yes. Fairways, I believe you are getting warm. <g>

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