That is not what that means. He didn't say he wasn't a 5% or a 10% beneficial owner. He said he wasn't a beneficial owner at all. This means he has sold every single last share, just as many of us suspected.
Here is his exact quote:
"EIGH…
First... I am not on the board or a beneficial owner of EIGH."
It is high time people woke up and realized that this guy didn't get that plane and fly it all over the country by shooting straight with them. He has been dumping into them all along.
i think he meant that he's not a 5% shareholder of the company that's required to file a schedule 13D (5% beneficial ownership) form.