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Monday, July 14, 2008 1:23:23 PM
Most of these type financiers are in the Caymans, Bermuda, Panama and other offshore financial centers. It would be difficult to say exactly what every turn of ownership might be. In K's and Q's I have seen it only states the total amount of shares for the price given and a few obscure details. Reporting requirements may be satisfied with just that bit of information, as for a loan or financial agreement.
And don't forget extended obligations , monthly or quarterly, if it is the typical convertible debenture. Future payments in the form of stock to the financier are likely if this is the case.
Too......... If the financier received and disbursed 35 to 45 million shares a week (like we think), would that satisfy the reporting objective you question?????? Especially if the outstanding share count grows at the same pace? 340,000,000/.05 = 17,000,000 etc. If the necessary report went from month to month and relied on net ownership at a fixed point, it probably does not matter what anyone had at any moment so long as the net ownership is below 5% at that fixed date.
This thing stinks every which way you look at it.
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