Cyrus can purchase, but has to file both as a major shareholder now and as they have an employee of theirs, Mr Bordessa, on the board of Sphere 3D. In this latest example of their purchase of Sphere 3D shares, the announcement was done about 5-6 business days after their latest purchase:
Cyrus Capital Partners, L.P. ("CCP") today announced that on December 31, 2014 it acquired indirect control over an additional 23,408 common shares ("Common Shares") of Sphere 3D Corporation ("Sphere 3D") (Nasdaq: ANY) at a price per share of US$5.66.
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In connection with the Sphere-Overland Merger, Daniel Bordessa, an employee of CCP, was appointed to the Sphere 3D board of directors on December 1, 2014.
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