SPE is already under 5% (5,759,940 shares equals 1.48% as of August 31, 2007 - his other subsidary Lincoln Ventures is at 7.61% with 29mio shares.
This was the answer I received from the company last year:
"Dear Shareholder:
Thank you for your inquiry regarding the disclosure in the Principal Shareholder tables as presented in our two most recent proxy filings. The disclosure threshold for shareholders who are not directors or executive officers, such as Swartz Private Equity (SPE), is five percent of common stock outstanding. Although this threshold was not met by SPE on either measurement date, the Company opted to include SPE's holdings in the most recent filing. As indicated in the introduction to the Principal Shareholder tables, the absence of disclosure regarding SPE in the earlier proxy was only an indication that it did not hold beneficial ownership of 5% of more of Patriot's outstanding stock of February 28, 2007, not that it held no stock at all."
IMO this means the following:
SPE had 9,99% two months before (12/31/06) and there seemed to be NO legal requirement to report the decrease in the March 07 proxy...as PTSC writes: they "opted to include SPE's holdings in the most recent filing." (which was the the last proxy from October 2007).
This sounds like they are free to do, what they want, which leads me to the assumption, the won't tell us, if LV is under 5%...
GLTY
