Wave Systems Corp. (fka WAVXQ)

[dig space]

*alea, no ..

"because in wave's case, all material events are properly understood to fall outside the meaning of the phrase "the ordinary course of business"

no.

All of Wave's material business is reported.
A subset of material business requires accelerated reporting.
All of Wave's material business gets reported as required on Forms 10q and 10k.
A subset gets accelerated reproting on Form 8-k.

Material events in the the ordinary course of business are quantifiable and are:

(Form 10/Q) - (Form 8/k) = ordinary course of business.

imo

the 'substanital dependency' thing is again just a codification of which material events qualify as the subset requiring accelerated reporting, not different thatn ordinaryness. ordinariness and dependenciness are the same in this case, they help define the subset.