4//SEC Filing
ISCO INTERNATIONAL INC 4
Accession 0001013594-09-001084
CIK 0000888693operating
Filed
May 20, 8:00 PM ET
Accepted
May 21, 6:48 PM ET
Size
10.8 KB
Accession
0001013594-09-001084
Insider Transaction Report
Form 4
ELLIOTT ASSOCIATES, L.P.
10% Owner
Transactions
- Expiration (Short)
9 1/2% Secured Convertible Note
2009-05-19(indirect: See)Exercise: $0.20From: 2008-08-22Exp: 2010-08-01→ Common Stock (6,750,000 underlying) - Expiration (Short)
7% Senior Secured Convertible Note
2009-05-19(indirect: See)Exercise: $0.18From: 2007-12-27Exp: 2009-08-01→ Common Stock (13,194,444 underlying)
Footnotes (3)
- [F1]As previously reported by ISCO International, Inc. (the "Company"), including in its Form 8-K filed on May 20, 2009, as of April 30, 2009, the Company had approximately $25.2 million in outstanding indebtedness due and owing to Manchester Securities Corporation ("Manchester"), a wholly-owned subsidiary of Elliott Associates, L.P., and one other lender. On May 1, 2009, Manchester together with such other lender to the Company (collectively, the "Lenders") delivered a notice of default to the Company, in which the Lenders declared the entire outstanding amount of indebtedness immediately due and payable. Pursuant to the terms of the various loan documents, the indebtedness was secured by a lien on all of the Company's assets.
- [F2]On May 19, 2009, the Lenders conducted a public foreclosure sale pursuant to Article 9 of the New York Uniform Commercial Code (the "Asset Sale"). The Lenders formed a Delaware limited liability company, ISCO International, LLC (the "Purchaser"), to bid on the Company's assets in the Asset Sale. In connection with the formation of the Purchaser, Manchester assigned to the Purchaser $1,350,000 principal amount of 9 1/2 Secured Convertible Notes and $2,375,000 principal amount of 7% Senior Secured Convertible Notes (collectively, the "Assigned Notes").
- [F3]Manchester received a 43% membership interest in the Purchaser. At the Asset Sale, Purchaser purchased substantially all of the assets of the Company by issuing a successful credit bid of $10 million consisting of secured obligations of the Company, including the Assigned Notes. As a result of the credit bid, the principal amount of the Assigned Notes was retired and such principal portion of the Assigned Notes is no longer convertible into the Company's common stock.
Documents
Issuer
ISCO INTERNATIONAL INC
CIK 0000888693
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0000888693
Filing Metadata
- Form type
- 4
- Filed
- May 20, 8:00 PM ET
- Accepted
- May 21, 6:48 PM ET
- Size
- 10.8 KB