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: open NRJ : la rafle de Gelbaum

titecail
27 août 200814:00

Item 1. Security and Issuer

This Amendment No. 3 to Schedule 13D (this "Amendment No. 3") amends and
restates, where indicated, the statement on Schedule 13D relating to the Common
Stock of the Issuer filed by The Quercus Trust ("Trust"), David Gelbaum and
Monica Chavez Gelbaum (collectively as the "Reporting Persons") with the
Securities and Exchange Commission on July 19, 2007 (the "Initial Schedule
13D"). Capitalized terms used in this Amendment No. 3 but not otherwise defined
herein have the meanings given to them in the Initial Schedule 13D or prior
amendments thereto. Except as otherwise set forth herein, this Amendment No. 3
does not modify any of the information previously reported by the reporting
persons in the Initial Schedule 13D or prior amendments thereto.

Item 4. Purpose of Transaction

Reporting Persons currently beneficially own 95,663,041 shares of
Issuer's Common Stock (the "Shares") representing 45.2% of the issued and
outstanding securities of Issuer on a fully diluted basis. This Amendment No. 3
is being made to disclose that Reporting Persons (i) are no longer holding the
Shares strictly for investment purposes and (ii) have presented to the Board of
Directors of the Issuer (the "Board") on August 20, 2008, a proposed non-binding
Term Sheet to purchase Preferred Stock and Warrants (the "Proposed Terms"),
pursuant to which the Issuer will issue to the Reporting Persons 1,000,000
shares of Preferred Stock (the "Preferred Stock") for a purchase price of
$67,000, convertible into up to 1,000,000 shares of Common Stock, and warrants
(the "Warrants") to purchase 296,650,000 shares of Common Stock, at a purchase
price of $0.02 per warrant (for an aggregate purchase price of $5,933,000) with
an exercise price of $0.067 per share. The Proposed Terms include the following,
which are qualified in their entirety by reference to the Term Sheet attached
hereto as Exhibit "B":

(a) The Preferred Stock, voting as a separate class, will have the right
to appoint a majority of the Board, and, at the closing (the
"Closing") of the proposed transaction, persons designated by the
Trust shall be appointed to and shall constitute a majority of the
Board of Directors.

(b) The issuance of the Preferred Stock will be subject to approval by the
Company's stockholders of an amendment to the Company's Certificate of
Incorporation authorizing the creation of such class of securities.

(c) The consideration for the purchase of the Warrant and the Preferred
Stock will consist of $4.2 million in cash and $1.8 million in the
form of payment of past due interest on debt from the Issuer to the
Trust and a loan modification fee relating to the reduction of
collateral requirements relating to secured debt held by the Trust
(the parties have also discussed an extension of the maturity of such
debt, which currently matures on October 30, 2008).

(d) The conversion price of a $20,000,000 Convertible Debenture
previously issued by the Issuer to the Trust will be reduced to
$0.067, and the Convertible Debenture will become entitled to vote on
all matters presented to Common Stockholders on an as-converted basis,
to the extent permitted by law. All future interest payable in respect
of such Convertible Debenture shall be payable in warrants to purchase
Common Stock at an exercise price of $0.067 per share, for a purchase
price equal to $0.02 per Warrant.

(e) The exercise price of the 43,618,541 currently outstanding warrants
held by the Trust shall be reduced to $0.067 per share.

(f) The Trust shall have the right to fund the next $5.1 million in
financing required by the Company by purchasing, for $0.02 per
warrant, additional warrants to purchase Common Stock of the Company
at an exercise price of $0.067 per share.

(g) The Company will use its best efforts following the Closing to
increase its authorized Common Stock from 1.25 billion shares to a
number sufficient to allow the exercise and conversion of all
securities exercisable for or convertible into Common Stock of the
Issuer.

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2 réponses

  • titecail
    27 août 200814:03

    (h) The Registration Rights Agreement by and among Quercus, the Company
    and others, shall be amended to provide that all securities issued to
    Quercus shall constitute "Registrable Securities" as defined therein.
    Quercus will not demand registration of its Registrable Securities
    until at least six months following the Closing Date.

    (i) So long as at least twenty-five percent (25%) of the Debenture(s) or
    the Preferred Stock remains outstanding, consent of the holders of a
    majority of the outstanding Preferred Stock and/or Debenture(s) shall
    be required for any action (by merger, reclassification or otherwise)
    that (i) results in the redemption or repurchase of any stock, (ii)
    results in any merger or other corporate reorganization that results
    in a change of control of the Company, or any transaction in which all
    or substantially all of the assets of the Company are sold, (iii)
    authorizes the issuance of debt in excess of Five Hundred Thousand
    Dollars ($500,000), (iv) changes the business of the Company, or (v)
    involves any transaction or compensation arrangements between the
    Company and its officers and directors.

    (j) 15% of the Company's Common Stock, on a fully-diluted basis, will be
    set aside as an option pool for management and other key employees.
    Options will be awarded by the Board post-closing in accordance with
    Exhibit A hereto. Existing options will be left in place or exchanged
    for new options in the case of employees granted new options.

    (k) Certain officers of the Company will be offered retention agreements
    pursuant to which they shall be entitled to three month's severance in
    the event they are terminated without cause or terminate their
    employment voluntarily for "good reason." Other severance packages
    will be waived and there shall be no employment or consulting
    agreements other than those terminable at will without payment of
    severance or other consideration.

    (l) Mr. Saltman shall resign all positions with the Company; his
    employment agreement shall be terminated, and he shall grant a full
    release to the Company; in exchange, the Company shall pay to Mr.
    Saltman $173,000, which shall be applied to pay taxes on prior share
    grants by the Company.

    (m) The term sheet is non-binding, and neither party has committed to
    consummate any transaction.


    In addition to potentially acquiring the above described securities of the
    Issuer, the Reporting Persons are considering exercising their voting power with
    respect to the Shares to take one or more of the following actions with respect
    to Issuer: (i) effecting a change in the present board of directors or
    management of the Issuer, including possibly changing the number or term of
    directors and filling any existing vacancies on the board; (ii) materially
    changing the present capitalization of Issuer; (iii) changing the Issuer's
    charter, bylaws or instruments corresponding thereto or other actions which may
    impede the acquisition of control of the Issuer by any other person; and/or (iv)
    effecting other material changes in the Issuer's business or corporate
    structure.

    Moreover, the Reporting Persons expressly retain their rights to further
    modify their plans with respect to the transactions described in this Amendment
    No. 3 or any prior amendment or the Initial Schedule 13D, to vote, acquire or
    dispose of securities of the Issuer and to formulate different plans and
    proposals which could result in the occurrence of any other actions specified in
    clauses (a) through (j) of Item 4 of Schedule 13D, subject to applicable laws
    and regulations.

    Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
    Securities of the Issuer

    (a) Pursuant to the Power of Attorney filed as Exhibit "B" to Amendment
    No. 1 to Schedule 13D filed on August 24, 2007 with respect to the
    issuer Emcore Corp., David Gelbaum has been appointed as Monica Chavez
    Gelbaum's Attorney-In-Fact.

    <PAGE>

    CUSIP No. 683707103

    Item 7. Material to Be Filed as Exhibits

    Exhibit A: Agreement Regarding Joint Filing of Amendment No. 3 to
    Schedule 13D.

    Exhibit B: A copy of the Term Sheet for Offering of Preferred Stock
    and Warrants presented to the Board of Directors of the
    Issuer on August 20, 2008

    <PAGE>

    CUSIP No. 683707103


    SIGNATURE

    After reasonable inquiry and to the best of its knowledge and belief, each
    of the undersigned certifies that the information set forth in this statement is
    true, complete and correct and agrees that this statement may be filed jointly
    with the other undersigned parties.


    Dated: August 25, 2007 /s/ David Gelbaum
    -----------------------------------------------
    David Gelbaum, Co-Trustee of The Quercus Trust


    /s/ David Gelbaum, Attorney-In-Fact for Monica Chavez
    Gelbaum
    -----------------------------------------------
    Monica Chavez Gelbaum, Co-Trustee of The Quercus Trust


    /s/ David Gelbaum
    -----------------------------------------------
    The Quercus Trust, David Gelbaum, Co-Trustee of
    The Quercus Trust

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  • titecail
    28 août 200809:28

    c'est que gelbaum assure ainsi la survie de la société et son apport en cash mais au prix d'une dillution monstrueuse : + de 100% de titres en plus a terme .il semble donc qu'il ne soit plus que le seul maître à bord : notez le limogeage du pdg , ça vous rappelle pas une autre histoire ?

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