Zeev, What I was pointing out was that it reads that the amount of CC's beneficial ownership would be reduced by either their having sold short, or by pledging the shares to another to sell short.
As of Feb. 10, 1999, this had not happened. They still had over 1.3M shares that hadn't been sold or shorted against. The second tranche hadn't been converted either.
I wasn't addressing the issue of whether they need to file whenever they would choose to do so in the future. If they stay below 5%, they don't need to.
Prior to conversion of the second tranche and the associated warrants, they held 4.9% (according to this document). Since conversion of all the second tranche would put them at 11.4%, they would have to file. Now, they could have started loaning or shorting their shares *after* Feb. 10, and kept themselves below 5% and thus not had to file, and we wouldn't know it. But there's been little opportunity since then to short at high prices, and if they didn't choose to short in November or December, with the price in the double digits, I don't think they'd suddenly decide to begin now.
But the evidence is given to us here that they hadn't shorted as of Feb. 10.
Rich |
