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  • tex7779 tex7779 Nov 26, 2002 6:43 PM Flag

    930K Volume??

    Yes, and then some. Total volume for the day was 1,095,400 shares. Look at this nasdaq.com link and businessweek link:

    http://www.nasdaq.com/asp/holdings.asp?selected=clrs&symbol=RWAV%60&FormType=INS
    TITUTIONAL&submit1.x=13&submit1.y=14


    Here you will see Pequot owning as of 9/30/02 465,000 shares. Not anymore. Look at this:

    http://host.businessweek.com/businessweek/Historical_Quotes.html?Button=Get+Quot
    es&Format=0&Type=5&Symbol=CLRS&StartDate=11/26/02&EndDate=11/26/02


    At 12:19:13 PM, Pequot ( IMHO ) sold at 5.25. They got into CLRS, I believe, during Q1 of this year, most likely around the high 3's. They made pretty good money. There appears to have been a buyer at 5.30 at 14:52:48 for 361,000 shares.

    It would appear, Pequot wanted to unload 465K shares, needed to find a ready buyer, contacted the MM, found a buyer for 361K shares plus change. If you take the 465,000 times two for the sell and buy, you get 930,000 shares for that transaction alone. The rest is noise.

    Now, the question that remains is who was the buyer ? Was it Kanders et al again, like with the Deutsche Bank deal, or someone else, and how are they going to vote at the meeting next week. My guess, and that is only a guess, the new owner of those 465,000 shares from Pequot will be siding with Kanders and might just have made a deal similar to DB and Kanders, whereas they get the voting rights.

    As always, JMHO.

    Tex

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    • Tex

      The 400,000+ shares that were traded may not be
      eligible to vote by the buyer if the record date is past. I don't remember what the record
      date was in the proxy-do you? Even if the buyer can't vote I still expect all the proxy items to get at least 50%. JMHO

      • 1 Reply to exercise007
      • The record date for the special shareholder meeting was 10-21-2002.

        However, if you look at the Form 13 that Kanders filed on 10-29-2002, you will see attached a letter sent by Deutsche Bank, whereby they, DB, give Kanders the voting rights. Here is a detail from that letter.

        October 28, 2002

        Warren B. Kanders
        Two Soundview Drive
        Greenwich, CT 06830

        Dear Mr. Kanders:

        This letter confirms our agreement this date that Deutsche Bank AG and/or its affiliates and subsidiaries ("Deutsche") shall sell and deliver to you 841,200 shares ("Shares") of common stock of Clarus Corporation ("Clarus") together with Deutsche's proxy to vote the Shares as you determine against payment of $4,206,000 ($5 per Share) in same-day funds. Settlement shall occur during normal business hours November 8, 2002, New York City time.

        Therefore, if the 465,000 shares from Pequot went to any of the insiders, then we will see an updated Form 13 soon, like the DB purchase. If not, then this exchange could have then gone to an institutional investor, who most likely will side with Kanders et al.

        As always, JMHO.

        Tex

 

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