SEC Form 4 · accession 0000932440-17-000066
EMERGENT CAPITAL, INC. · EMGC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
A later amendment supersedes this filing — read the amendment. The figures below are kept as originally reported (version chain, not an overwrite).
Reporting owners
Joseph E Sarachek
Director · 10% Owner
JSARCO, LLC
Director · 10% Owner
TOPCO 1, LLC
Director · 10% Owner
Period of report
Sep 26, 2017
Accepted (ET)
Sep 26, 2017 · 9:05 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001494448
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, par value $0.01 per shareF1 | Sep 26, 2017 | P | 37,358 | $0.45 | A | 7,357,396 | I | By JSARCo, LLC |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Warrants (right to buy)F1,F2 | $0.20 | holding | — | — | — | — | Jul 28, 2023 | Common Stock, par value $0.01 per share | 13,575,000 | 13,575,000 | I |
Explanation of responses
- F1Mr. Sarachek is the principal and manager of TopCo 1, LLC, which is the manager of JSARCo, LLC.
- F2Of such warrants, 8,750,000 vested on July 28, 2017 and 4,825,000 will vest in connection with the conversion of the issuer's senior unsecured convertible notes outstanding as of July 28, 2017 (the "Outstanding Convertible Notes") into shares of the issuer's common stock on a 1 to 1 basis, or earlier upon the earliest date on which (x) at least 50% of the aggregate principal amount of the Outstanding Convertible Notes are converted into shares of the issuer's common stock, or (y) all of the Outstanding Convertible Notes are no longer outstanding.
Remarks
Because Joseph E. Sarachek, a director of the issuer, has voting and investment power over securities beneficially owned by TopCo 1, LLC and JSARCo, LLC, TopCo 1, LLC and JSARCo, LLC, may be deemed to be directors by deputization.