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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: kolo55 who wrote (9625)3/21/1999 2:18:00 AM
From: Larry Brubaker  Read Replies (1) of 27311
 
Paul, keep reading. Rule 13d1 requires a filing within 10 days if a holder owns more than 5% of the equity securities of an issuer. The filing must be on a form 13D or 13G. Castle Creek has filed neither form.

Paragraph i of Rule 13d1 defines equity securities. The rule specifically states that the term equity securities does not include non-voting classes of securities.

To put this into terms you might understand, by holding preferred shares (or warrants, for that matter), which have no voting rights, Castle Creek does not own equity securities for which beneficial ownership must be reported.

Since they do not own equity securities for which beneficial ownership must be reported, they do not have to report a change in beneficial ownership, since they have no reportable beneficial ownership to begin with.

Ergo, they can short the stock without filing.
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