4//SEC Filing
SUN BANCORP INC /NJ/ 4
Accession 0001140361-10-044161
CIK 0001017793operating
Filed
Nov 7, 7:00 PM ET
Accepted
Nov 8, 3:16 PM ET
Size
19.0 KB
Accession
0001140361-10-044161
Insider Transaction Report
Form 4
ROSS WILBUR L JR
Director10% Owner
Transactions
- Conversion
Mandatorily Conv. Cum. Non-Voting Perpetual Preferred Stock
2010-11-04−10,656,500→ 0 total(indirect: See Footnotes)Exercise: $4.00→ Common Stock (10,656,500 underlying) - Conversion
Common Stock
2010-11-04$4.00/sh+10,656,500$42,626,000→ 12,469,000 total(indirect: See Footnotes)
WLR SBI AcquisitionCo, LLC
10% Owner
Transactions
- Conversion
Common Stock
2010-11-04$4.00/sh+10,656,500$42,626,000→ 12,469,000 total(indirect: See Footnotes) - Conversion
Mandatorily Conv. Cum. Non-Voting Perpetual Preferred Stock
2010-11-04−10,656,500→ 0 total(indirect: See Footnotes)Exercise: $4.00→ Common Stock (10,656,500 underlying)
WLR Recovery Associates IV LLC
10% Owner
Transactions
- Conversion
Mandatorily Conv. Cum. Non-Voting Perpetual Preferred Stock
2010-11-04−10,656,500→ 0 total(indirect: See Footnotes)Exercise: $4.00→ Common Stock (10,656,500 underlying) - Conversion
Common Stock
2010-11-04$4.00/sh+10,656,500$42,626,000→ 12,469,000 total(indirect: See Footnotes)
El Vedado, LLC
10% Owner
Transactions
- Conversion
Mandatorily Conv. Cum. Non-Voting Perpetual Preferred Stock
2010-11-04−10,656,500→ 0 total(indirect: See Footnotes)Exercise: $4.00→ Common Stock (10,656,500 underlying) - Conversion
Common Stock
2010-11-04$4.00/sh+10,656,500$42,626,000→ 12,469,000 total(indirect: See Footnotes)
WLR Recovery Fund IV LP
10% Owner
Transactions
- Conversion
Common Stock
2010-11-04$4.00/sh+10,656,500$42,626,000→ 12,469,000 total(indirect: See Footnotes) - Conversion
Mandatorily Conv. Cum. Non-Voting Perpetual Preferred Stock
2010-11-04−10,656,500→ 0 total(indirect: See Footnotes)Exercise: $4.00→ Common Stock (10,656,500 underlying)
WL ROSS & CO LLC
10% Owner
Transactions
- Conversion
Common Stock
2010-11-04$4.00/sh+10,656,500$42,626,000→ 12,469,000 total(indirect: See Footnotes) - Conversion
Mandatorily Conv. Cum. Non-Voting Perpetual Preferred Stock
2010-11-04−10,656,500→ 0 total(indirect: See Footnotes)Exercise: $4.00→ Common Stock (10,656,500 underlying)
WL Ross Group, L.P.
10% Owner
Transactions
- Conversion
Mandatorily Conv. Cum. Non-Voting Perpetual Preferred Stock
2010-11-04−10,656,500→ 0 total(indirect: See Footnotes)Exercise: $4.00→ Common Stock (10,656,500 underlying) - Conversion
Common Stock
2010-11-04$4.00/sh+10,656,500$42,626,000→ 12,469,000 total(indirect: See Footnotes)
Footnotes (4)
- [F1]The 12,469,000 shares of Common Stock are held directly by WLR SBI AcquisitionCo, LLC.
- [F2]Wilbur L. Ross, Jr. is the managing member of El Vedado, LLC, the general partner of WL Ross Group, L.P., which in turn is the managing member of WLR Recovery Associates IV LLC. WLR Recovery Associates IV LLC is the general partner of WLR Recovery Fund IV, L.P., which is the sole manager of WLR SBI AcquisitionCo, LLC, and WL Ross & Co. LLC is the investment manager of WL Ross Group, L.P. Accordingly, WLR Recovery Fund IV, L.P., WLR Recovery Associates IV LLC, WL Ross Group, L.P., El Vedado, LLC, Wilbur L. Ross, Jr. and WL Ross & Co. LLC may be deemed to share voting and dispositive power over the common stock held by WLR SBI AcquisitionCo, LLC.
- [F3]Shares of Mandatorily Convertible Cumulative Non-Voting Perpetual Preferred Stock, Series B (the "Series B Preferred Stock") converted into shares of common stock after the holders of common stock as of September 15, 2010 approved an amendment to Sun Bancorp, Inc.'s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock to 100,000,000 and approve the issuance of such converted shares of common stock to investors including, but not limited to, the Reporting Persons.
- [F4]The conversion price per share of Series B Preferred Stock was $4.00. The number of shares of Common Stock issued upon conversion of a share of Series B Preferred Stock was determined by dividing: (i) the $1,000 liquidation preference, plus all accrued and unpaid dividends for any prior dividend periods, by (ii) the conversion price of $4.00. The shares of Series B Preferred Stock were converted into Common Stock on November 4, 2010.
Documents
Issuer
SUN BANCORP INC /NJ/
CIK 0001017793
Entity typeoperating
IncorporatedNJ
Related Parties
1- filerCIK 0001017793
Filing Metadata
- Form type
- 4
- Filed
- Nov 7, 7:00 PM ET
- Accepted
- Nov 8, 3:16 PM ET
- Size
- 19.0 KB