SEC Form 4 · accession 0001209191-17-047007
EMERGENT CAPITAL, INC. · EMGC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Andrew Dakos
Director
Period of report
Mar 14, 2017
Accepted (ET)
Aug 1, 2017 · 8:14 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001494448
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8.50% Senior Unsecured Convertible Notes due 2019F2,F4,F1,F3 | $6.59 | Mar 14, 2017 | J | — | D | Feb 21, 2014 | Feb 13, 2019 | Common Stock | 47,829 | 980,078 | I |
Explanation of responses
- F1$6.59 (151.7912 shares of common stock per $1,000 principal amount of notes for notes denominated in $1,000 increments or 0.1517912 shares of common stock per $1.00 principal amount of notes for notes denominated in $1.00 increments), in each case, subject to adjustment in accordance with Article 4 of the indenture governing the 8.50% Senior Unsecured Convertible Notes due 2019 (the "Old Convertible Notes").
- F2At the election of Emergent Capital, Inc., additional Old Convertible Notes were issued in lieu of a cash payment of interest due on the outstanding Old Convertible Notes as of March 14, 2017.
- F30.1517912 shares of common stock per $1.00 principal amount of notes, subject to adjustment in accordance with Article 4 of the indenture governing the Old Convertible Notes.
- F4The notes are held by certain private investment funds. Bulldog Investors, LLC ("BI") has sole voting and investment power with respect to such notes. The reporting person is a principal of BI and of the general partners of each of such investment fund, and is a limited partner in certain such funds. The reporting person disclaims beneficial ownership of these notes except to the extent of his pecuniary interest therein. These totals do not include $3,088,050 aggregate principal amount of outstanding notes that are owned by BI's Special Opportunities Fund since the reporting person has no pecuniary interest therein. The notes are subject to a conversion limitation imposed by Florida State law that voids any conversion of such notes into shares of common stock to the extent the holder would, after such exercise, directly or indirectly own 10% or more of the shares unless such holder has first applied for and obtained regulatory approval from the Florida Office of Insurance Regulation.