Osicom(FIBR) Message Board

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Technology Stocks : Osicom(FIBR)

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To: Mama Bear who wrote (7939)	8/12/1998 12:33:00 PM
From: Bryon Bothun	Read Replies (2) of 10479

>>This is because there would be SEC filing requirements to identify the buyer of greater than 5% of the outstanding common stock.<< The owners are already "identified" by virtue of thier %50 ownership of the preferred. Their conversion must be reported anyway so the %4.99 limit does nothing EXCEPT LIMIT THE NUMBER OF SHARES THAT CAN BE ISSUED. >>According to the Securities Exchange Act of 1934, an insider is defined as an officer or director of a public company, or an individual or entity owning 10% or more of any class of a company's shares.<< >>Do you understand that when I short sell FIBRD, and subsequently buy back I am not a "beneficial owner" of the stock?<< No, in fact I understand exactly the opposite. If you hold a short position and you buy, your "benefit" is the cancellation of that short position. Closing a short is not instantaneous. You must buy the shares and deliver them against you short position, in the interim you are a beneficial owner. The %4.99 limit is a protection against dilution, there is no other reason for it. You can believe whatever you like, but that doesn't make it so. Bryon

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