Today AQR Capital Management filed a SC 13G/A
showing that they own 296,990 shares of common stock that is convertible into 2,018,909 shares.
They are an 8.83% holder at this time
AQR (Abdon Bolivar) is one of the original 9.9% bondholers
Posted by christ3opher - 15 years ago | Updated 15 years ago
close chris but not quite - - AQR -- signed by Abdon Bolivar and housed in Greenwich, Conn. and funding around in the Cayman Islands is a holder of the Convert A which was at one time equal to 9.9% of vtss common - 2,018,909 shares on conversion with a $4.50 basis ($0.225 pre-reverse split) and an 8% coupon to 10/2014. they also reported holding 296,990 common shares.
all to the tune of 8.83% this year after an increase in total share count due to options grants etc.
AQR sold 159,768 shares during the year since their last filing on 2/01/2011. but previously in that 2011 filing they had bought 440,066 shares.
the 2+MM convert shares totals about $5MM (9.9% of $50MM).
the original convert earns Abdon and his island friends about $400k per annum thru Oct. 2014, should they hold and not convert or sell the bonds.
Posted by daWiley1 - 15 years ago
wel i must be doing something wrong - -as i tried to edit again and could not --so i will repost with edits - - - -
close chris but not quite - - AQR -- signed by Abdon Bolivar and housed in Greenwich, Conn. and funding around in the Cayman Islands is a holder of the Convert A which was at one time equal to 9.9% of vtss common - 2,018,909 shares on conversion with a $4.50 basis ($0.225 pre-reverse split) and an 8% coupon to 10/2014. they also reported holding 296,990 common shares. the total is 296,990 + 2,018,909 = 2,315,899
all to the tune of 8.83% this year after an increase in total share count due to options grants etc.
AQR sold 159,768 shares during the year since their last filing on 2/01/2011. but previously in that 2011 filing they had bought 440,066 shares. the 440k minus the 159k is close to the reported A shares of 296,990 - -the difference is probably because of the B Preferred which was used by the bondholders to stock shares for re-load after A share sales without requirement of filing. AND note that Columbia Pacific, Raging Capital and Whitebox all own more than 9.9% of VTSS. there is no 9.9% cap on share ownership - it was a cap on the way the debt to convert and equity swap that was self-imposed on the creditors.
the 2+MM convert shares totals about $9MM (2MM shares times $4.50)
the original convert earns Abdon and his island friends about $720k per annum @ 8% thru Oct. 2014, should they hold and not convert or sell the bonds.
Posted by daWiley1 - 15 years ago
Another SC 13 G/A has been released.
Today, February 10, 2012
Linden Capital (Siu Min Wong) , is the holder
There are 3 seperate listed places of organization(citizenship)
Bermuda
Delaware
China
with 588,888 shares
they are now listed as being a 2.35% holder
The principal amount is $2,650,000 of the company's 8.00% Convertible Second Lien Debenture due 2014 which are convertible into 588,888 shares of common stock.
**About a year ago, daWiley posted a reply showing that Linden Capital had sold off from their initial 9.9% holding and were then down to 5.8% with a combination of both the series A and series B bonds.
daWiley- appreciate you correcting me on the last SEC filing.
I am assuming that the release of these filings is not for any purchase or sale of shares but to update the percentage of shares that are presently held by these listed holders after options grants etc. have been made.
** update
Posted by christ3opher - 15 years ago | Updated 15 years ago
ok - i been a lil late - - but in response to the Chinese national with inside info on the state of vtss biz in china - - - Siu Min Wong , aka Linden Capital from the islands and even the mainland and parts unknown - -
on his 1/26/2011 filing we learned that Siu sold $3.5MM of the $50MM "second lien debenture" @ 8% to 10/2014 convertible at $4.50 -- i like to call it Convert A.
it is second lien to Andy's Whitebox secured "Term A Note" now for $7.9MM @ 10.5% to 2/2014. Andy also owns all Convert B.
now back in jan 2011, siu also reported owning 837,000 class A shares for a total of 1,425,918 and a 5.8% stake.
so we can see that Siu on his Bermuda isle or in his Delaware corporate housing or from Shenzen sold his A shares. now he got those shares at $4 from the Convert A deal with $50MM in debt swapped for shares at 4 bucks. he sold all 837,000 in the year. an we know that vtss hit a hi of $6 an a low of $2.08 during the 12 months of bagholder hell. so what price ya think Siu got??
now we know where a few more shares came from that added to the naz daily float. it is likely that ragin billy picked up most of em at low prices after they had bounced around trading desks for 8-10 months.
nothin like a lil bondholder juju -- he still is earnin 8% on $2.65MM or $212k per annum.
well i wish him the worst - -as he sold down here an will miss vtss goin to $30!!!!!!!!!!!!!
btw - -don't expect any more filings from mr. wong - - he is under 5% and checked the box.
so he been right an he been wong - -hope he stays wong for the next 5 yrs. bless you, china.
Posted by daWiley1 - 15 years ago
Excellent post daWiley1-
It really drives home the point of all the debt Chris and the gang had to take on to survive. Bondholders sit back and draw exorbitant interest, which takes away from desperately needed cash flow. Chris keeps laying off people and cutting costs, but not only does he have challenges in the marketplace, he has to also pay bondholders, which is such a drag on the company.
Posted by Techinvestor - 15 years ago
Whitebox filed on Valentine's day. good thing cause they got so many chocolates in the boxes - -ya gonna get a headache if ya eat more than one.
we see the colorless box reporting 9.9% ownership thru so many entities we lost count. andy sure is diversified - -he got funds in Delaware, British Virgin Isles and in case of hurricanes he got offices in Bermuda and Grand Cayman's - - those just to park the corporate yachts and use the memberships at the local putting club.
he reports 2,690,690 shares and had 2,535,078 shares as of the 2/11/2011 filing. the 9.9% stayed firm as Fa(s)t Andy added the 155,882 shares allowable to stay at 9.9% as the float increased because of option grants to all the big shots and key employees.
this is nice touch and shows that andy and his cfo, Clint B. Semm do believe in their grub stake silicon mine.
now you really gotta ask if Pandora is inside the Whitebox or is it in a free floating box set??
and then you might ask Clint how he signed off on the 13 filing when all the parties add up to 9.8% ??? but who's counting?? an if ya in the mind of giving - -i'll gladly take the last 0.1% of shares as a finder's fee.
i know it is just decimal slop - and when you own 2,690,690 shares and can't buy the extra 10, 010 shares to round up- - sure makes it tough to report each year.
now let's not forget that the boxes also own the Term A Secured Note which last checked came in at $7.9MM @ 10.5% due in 2/2014 and the Convert B for $9.34MM @8% due 10/30/2014 and converts at $4.95 to 1,887,234 more shares. i'll read the proxy statement which i missed to further update on the bond holders who have no requirement to file a 13 as shareholders.
andy went to Yale at 16 as a math whiz - an he sure knows which box goes into the larger box an on an on.
Posted by daWiley1 - 15 years ago
day late for Valentine's candy - -the baty boyz (dan, stan an brandon) and alex b. washburn filed for Columbia Pacific Opportunity Fund, L.P.
now some here might argue with the name --as to the opportunity the fund seeks to garner - -but let's give em full credit - -first they aren't smart enuf to place the fund on an island and so filed from the rainy state of Washington. and second - -they didn't buy or sell a single share in the last year.
you wonder if mikey self, also from washington and his Lake Union, who sold out at the low to raging billy, was a fren of theirs who got upset with the opportunity here in VTSS during the last year??
anyway, drum roll please - Columbia now holds 10.85% vs 11.2% with the difference being the option grant shares to key employees and board members - a .35% dilution of their ownership but still the 2,744,128 shares they filed 6/13/2011.
so there ya have it - -a few sellers and a few holders and buy to hold percentages - -but net a few more free shares in the float until the next filing by raging billy or another new fund.
now if ya really want to get the concept of inefficient market theory - -you can watch andy on youtube give a lecture at Yale or just look at the price of LNKD = =Linked IN - -with annual revs of $11.2MM and $0.07 per share earnings - -it is priced well above the value of VTSS with its $30MM per quarter at the low side of life. such is the life of the loved vs. the unloved.
momma always said life is not fair.
but it will be vtss that is the ten bagger from here - -not LNKD - -all imho of course.
Posted by daWiley1 - 15 years ago
Thanks daWiley for picking up the reigns in posting the most recent filings.
I attempted posting the two most recent filings last night but lost a long 2 hours worth of a post because my sign-in status was knocked off. This in turn lost my post for good.
I will say that reading yours are much more interesting and informative. please, keep at it!
Posted by christ3opher - 15 years ago | Updated 15 years ago
Here is another SC 13G filing from the 14 of February 2012
Aristeia Capital L.L.C. Robert H. Lynch jr.
located in Delaware
last year at this time they were holding 2,211,111 shares
being a 8.44% holder
today they are with 1,546,889 shares
presently listed as being a 5.79% holder
Aristeia is one of the original 9.9% bond holders
Posted by christ3opher - 15 years ago | Updated 15 years ago
thanks christ3opher - -same for me - -i have that data entered into my log book and made a post that locked up. then i forgot to post about bobby lynch jr. and aristeia capital - - actually located at 136 madison ave. - - 3rd floor - -fancy digs - -no islands - - sold 664,222 - an he will rue the day!!!!
the llc is done in Delaware for reasons of cheap filing and annual fees, plus a business law friendly state.
(a great idea is to copy your posts to the clipboard before you hit Submit - -about 3 of the last posts would have been lost if i had not pasted em back from the clipboard)
Posted by daWiley1 - 15 years ago
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