Emerson Radio Corporation just filed a General Statement of acquisition of beneficial ownership
The following excerpt is from the company's filing:
Item 5.Interest in Securities of the Issuer.
S&T is the record owner of the Emerson Shares.As the sole stockholder of S&T, N.A.K.S. may be deemed to own beneficially the Emerson Shares.As the sole stockholder of N.A.K.S, Grande Holdings may be
deemed to own beneficially the Emerson Shares.
On May 31, 2011, Mr. Fok Hei Yu and Mr. Roderick John Sutton, both of FTI Consulting (Hong Kong) Limited, were appointed as the provisional liquidators of Grande Holdings.
(a)Each of the Reporting Persons may be deemed to own beneficially 56.2% of the Shares of Emerson, which percentage is calculated based upon 27,129,832 Shares reported to be outstanding as of June 30, 2013.Each of the Reporting Persons, except S&T, disclaims beneficial ownership of the Emerson Shares.Each of the Reporting Persons, except for S&T with respect to the Emerson Shares, disclaims beneficial ownership of the Emerson Shares.
(b)For each Reporting Person, the following are the number of shares as to which such person has:
i.sole power to vote or to direct the vote: 0 shares.
ii.shared power to vote or to direct the vote: 15,243,283 shares.
iii. sole power to dispose or to direct the disposition: 0 shares.
iv. shared power to dispose or to direct the disposition: 15,243,283 shares.
(c)The information set forth in Item 6 is hereby incorporated by reference.Except as set forth above and in Item 6, none of the Reporting Persons has effected any transaction in the Emerson Shares during the last 60 days.
(d)The information set forth in Item 6 is hereby incorporated by reference.No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, the Emerson Shares beneficially owned by any of the Reporting Persons.
Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
On or around February 2010, Grande Holdings defaulted on its obligations to DB, after which DB exercised certain of its rights in respect of the Charged Shares pursuant to the Security Agreement.On March 1, 2010, DB disposed or caused the disposal of 3,900 Charged Shares at $2.2397 per share; and on March 2, 2010, DB disposed or caused the disposal of 387,299 Charged Shares at $2.955 per share.The said disposals were handled by DB.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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