Wave Systems Corp. (fka WAVXQ)

[SPIN]

close shute... short swing rule (16)

short swing rule benefits the company. it permits the employer to recover profits from the employee who buys/sells or sells/buys w/in 6 mos. the BofD or S/H can approve of such a transaction (& waive the right to claim the profits).

here's a good article on the rule (based on a decision re: NSM & Fairchild Semi).

http://www.thelenreid.com/articles/article/art_168.htm

considering Wave's corporate cookie jar history, i sorta doubt any sr. execs would hafta worry about losing their wavx option profits due to rule 16...

old habits can die hard. which reminds me, thanks to Sully for untangling the golf ball core that was the non-disclosure of the series H_ell conversion timetable.

btw, JS, i totally disagree w/yer assessment that they were unable to easily communicate it -- YOU DID. so why can't they?!?

Wave coulda *easily* included language in the PR that indicated something along the lines of:

"Based on the terms and conditions of the financing, the earliest date the conversion could occur at Wave's option would be following a period of trading 15/20 @ $X commencing on a date not sooner than November XXth, 2003" (or something similar).

They coulda disclosed it in a manner that didn't take a seasoned lawyer contacting the CFO & translating it on a bored. But thanks fer doing that (& for posting it here & elsewhere).

SPIN

PS for those who even care, "Bearmove" is aggressively accumulating (& pumping) XYBR, yet derides Wave. Pot, meet Kettle... Kettle--Pot. Ironically, based on XYBR's relationship w/IBM.