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Hi all, it looks like CC's beneficial ownership is capped at 4.9% of outstanding common irrespective of the class, preferred, common, warrant, held at any given time. This definition is based on SEC rules, and includes voting rights. They(CC) have voting rights equivalent to 1.3MM shares at the present time. Implied is that the effective beneficial ownership is not entirely dependent on SEC, but is codependent on the terms of the contract. Preferred, etc. are beneficially owned to the extent that 4.9% is not exceeded. So, it is very possible that CC has not converted at this time, giving the nod to Paul's analysis. I haven't found footnote 3, until I do, I think it is still possible that the mix of beneficially owned shares could include some common bought in the open, but I kind of doubt it would be much, if any. It is still possible that CC has shorted. The amount would have to be reflected somewhere in the beneficially owned total, I suspect. My two cents. |
