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  • tex7779 tex7779 Nov 27, 2002 5:17 PM Flag

    930K Volume??

    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.