Schedule 13D/A filed 05/04/99
by James Jannard
sec.gov
Aggregate number of shares beneficially owned: 42,153,900 {59.6% of class}
That's up from 41,221,500 shares reported in his previous filing 01/14/99.
The total number of shares outstanding was 70,678,057 as of 03/31/99, from the Schedule 14A - Definitive Proxy Statement. Beneficial ownership of common stock by "directors and executive officers as a group" was 46,052,642 shares. That included 41,221,500 shares owned by Jannard. Assuming no change in holdings by the others, Jannard's recent purchase of 932,400 shares would bring total management holdings up to 46,985,042 or 66.5%. Maybe they should just take it private!
We'll see if this particular purchase by Jannard has a more lasting effect than the previous ones. The ratio of shares short to float is already quite high at ~ 24%, and the float continues to shrink. Shorts may still profit from continued selling by institutions and small shareholders, but if it comes down to them versus JJ, they will lose. |
