FRENKEL LEONID 4
4 · VALIDIAN CORP · Filed Jul 12, 2006
Insider Transaction Report
Form 4
VALIDIAN CORPVLDI
FRENKEL LEONID
10% Owner
Transactions
- Other
Convertible Notes
2006-07-11−1,175,000→ 1,325,000 totalExercise: $0.00From: 2006-06-01Exp: 2007-06-01→ Common Stock (1,175,000 underlying)
Footnotes (3)
- [F1]Under the terms of the amended and restated convertible notes between the Issuer and the Reporting Persons (defined below), the Reporting Persons do not have the ability to convert any portion of the convertible notes if such conversion would result in ownership of an amount greater than 9.9% of the Issuer's outstanding common stock.
- [F2]These securities are directly owned by Leonid Frenkel ("Mr. Frenkel" or the "Reporting Person"), who is a Reporting Person.
- [F3]Mr. Frenkel is the managing member of Triage Capital LF Group, LLC, a Delaware limited liability company that acts as the general partner to the general partner of both Triage Capital Management L.P. and Triage Capital Management B, L.P., both of which are private investment funds in whose accounts portions of the reported securities are held (collectively, the "Reporting Persons"). The Reporting Persons disclaim beneficial ownership of the securities reported herein except to the extent of their pecuniary interest therein. This filing shall not be deemed an admission for Section 16 or otherwise, that the Reporting Persons are the beneficial owner of any of the securities covered by this filing.