Home > Insider Trading > Filing (0001569608-16-000033)

Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1029581	Modsys International Ltd	MDSY	Services-Computer Programming Services (7371)	000000000

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1569608	Columbia Pacific Advisors, Llc	1910 Fairview Ave E Suite 200 Seattle WA 98102		No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Ordinary Shares	Acquisiton	2016-01-05	1,200	$2.25	5,179,807	No	4	P	Indirect	General Partner
Ordinary Shares	Acquisiton	2016-01-06	100	$2.25	5,179,907	No	4	P	Indirect	General Partner

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	General Partner
No	4	P	Indirect	General Partner

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Ordinary Shares, Nis 0.04 Par Value	Warrants (Right to Buy)	Acquisiton	2015-12-29	256,148	$0.00	256,148	$0.01
Ordinary Shares, Nis 0.04 Par Value	Warrants (Right to Buy)	Acquisiton	2015-12-31	100,000	$1.33	100,000	$0.01
Ordinary Shares, Nis 0.04 Par Value	Preferred Shares, NIS 0.04 par value	Acquisiton	2015-12-31	200,000	$1.33	200,000	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
256,148	2015-12-29	2018-12-29	No	4	J	Indirect
356,148	2015-12-31	2017-12-31	No	4	P	Indirect
200,000			No	4	P	Indirect

Footnotes

Acquired by Columbia Pacific Opportunity Fund, L.P.
Columbia Pacific Opportunity Fund, L.P. owns 5,141,967 Ordinary SharesColumbia Pacific Partners Fund, Ltd. owns 37,940 Ordinary Shares
These warrants vested 50% on the date of grant (December 29, 2015) and will vest 50% on February 24, 2016. In the event that the Issuer has repaid in full the guaranteed amount owed pursuant to a credit agreement between Modern Systems Corporation and MS Modernization Services, Inc., a wholly owned subsidiary and a majority owned subsidiary of the Issuer, and Comerica Bank (the "Credit Agreement") to below $1,000,000 prior to February 24, 2016, the unvested portion of the warrants held by the Reporting Persons will be automatically cancelled.
These warrants were issued in exchange for the Reporting Persons and certain other shareholders providing a guaranty with respect to the Credit Agreement.
The convertible Preferred Shares is convertible into Ordinary Shares at any time on a one-for-one basis, and has no expiration date.