To the thread: For the record about the S-3/A filed July 14, 1998 --
1) The number 6 million for the proposed maximum amount of common shares to be converted from the Preferred C series has a footnote (1).
It says, in direct quote from the document,
" Assumes conversion price for all the preferred stock at $0.83, which is estimated for the purpose of determining the maximum number of shares of Common Stock obtained upon conversion.."
Correct interpretation? Unless PARS gets down to $0.83/share, the ACTUAL number of shares added to the common stock base will be considerably less than 6 million. Try, say, 2 or 2.5 million.
2) The document listed a Proposed Maximum Offering Price of $2.53. That amount also has a footnote (3) listed after it. It says, in direct quote:
" Estimated solely for the purpose of calculating the registration fee. Proposed maximum offering price per share is estimated based upon the closing price of the Company's Common Stock listed on the Nasdaq SmallCap Market on July 7, 1998."
Correct interpretation? In no way has Castle Creek pre-announced a decision to sell at $2.53. The SEC simply wants some number chosen so it can get its fee and the number is taken, arbitrarily, from a date close to the filing of this document.
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