Karl,
<<As of both December 9, 1997 and January 22, 1998, H&Q SSA Investors, L.P. ("H&Q SSA Investors") held a total of 10,000 shares of Series A Preferred Stock of the Issuer which were immediately convertible into an aggregate of 1,404,000 shares of the Issuer's Common Stock. As of both December 9, 1997 and January 22, 1998, Hambrecht & Quist LLC ("H&Q LLC") held warrants to purchase an aggregate of 1,989,452 shares of the Issuer's Common Stock.>>
This is just my opinion and I could be wrong. I think part of the purpose of filing Schedule 13G with the SEC is that investors should be aware of investment instruments that are in existence that are only a heartbeat away from becoming viable voting common shares. That's why Maurice has labored so long to determine how many potential shares may be in existence at present. It's almost a moving target with SSAX. They are now going to issue another 668,688 to the shareholder's of SSA Acclaim Ltd. according to today's SEC filing.
<<Covertibles are just bonds>> I couldn't see in this filing where there were any mention of bonds.
It further bothers me that 1,989,452 plus 1,404,000 equals 3,393,452, the total number of common shares you say they also own. Your assertion means they have some how managed to acquire just enough Series A Preferred shares that can be converted to 1,404,000 common shares and just enough warrants that are convertible into exactly 1,989,452 shares of common and that through some miracle they also happen to own the sum of those two numbers, 3,393,452, in actual common shares. To me that appears to be quite a trick, too much of a coincidence.
The last thing is I can't see any language in the filing that as you say "talks about shs bought on Dec 9." Where is that?
Please forgive my nitpicking, I'm not trying to offend, but rather make sure we give out the correct information.
Your friend,
James |
