AIRLINE COMMUNICATIONS LTD 4
4 · PARAMCO FINANCIAL GROUP INC · Filed Jan 3, 2005
Insider Transaction Report
Form 4
AIRLINE COMMUNICATIONS LTD
10% Owner
Transactions
- Other
Series D Convertible Preferred Stock
2004-12-30+155,512→ 155,512 totalFrom: 2005-12-30→ Common Stock (155,512 underlying) - Other
Common Stock
2004-12-30−11,567,560→ 0 total
Footnotes (2)
- [F1]On or about December 30, 2004, Airline Communications, Ltd. ("Airline"), an entity controlled by Douglas G. Gregg and Paramco Financial Group, Inc. (the "Company") completed a transaction whereby Airline converted 11,567,560 shares of the Company's Common Stock into 155,512 shares of the Company's Series D Convertible Stock. This transaction was made pusuant to that certain Settlement and Release Agreement by and between Mr. Gregg and the Company dated November 30, 2004.
- [F2]The Conversion Price for the Series D Convertible Preferred Stock of the Company is volume weighted average Closing Bid Price of the underlying Common Stock for the ten-day period preseding conversion. The number of shares of Common Stock into which the Series D Convertible Preferred Stock may be converted into is determined by dividing the total Purchase Price for the Series D Convertible Stock ($1.00 per share) by the Conversion Price. The resulting number shall be increased by 25% to reflect a conversion premium.