Thanks Curber, just wanted to get some facts in order. I am seriously questioning the company here, yes. But no more or less than would any critical investor who is concerned about recent events. Don't recall making any personal attacks.
SO - let's talk about these filings one at a time.
1. Knight files their original TELA 13G for an investment they made in TELA on January 31st. They bought 138,853 shares in TELA, for a 17.03% beneficial ownership stake. The document is signed by Michael Corrao, Director of Compliance for Knight Equity Markets LLC. So we have good reason to believe they really did buy 138,853 shares.
2. Then, on February 28, 2007, Knight ammends the 13G, claiming they only purchased 63,467 shares for a beneficial interest of 7.8%. In this filing, they claim "7.78% based on 10-QSB dated September 30, 2006" - which did not appear in the original 13G.
I don't want to jump to the 10K yet - that's coming later. I just want to discuss these two filings for now. What this revised doc says is, based on the stated number of TELA share in the O/S, Knight owns 7.8%, NOT 17.03% as they had first thought.
BUT - the actual number of shares purchased is almost half of what the first 13G claimed. I can understand that a change in the supposed OS would reduce the ownership %, but don't understand how it could affect the number of shares purchased.
This ammended filing is also signed by Mr. Corrao of the Knight Compliance department.
What happened? How did they get the share count wrong?
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