Deutsche Bank owns almost 40% of Tousa

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Deutsche Bank AG bought and sold 325,550 shares of Tousa Inc.'s stock between Sept. 18 and Oct. 2 priced between $2.00 and $2.54 each, according to a schedule 13D filing with the Securities and Exchange Commission. The bank controls a 39.9% holding in the company.

The stake was acquired via 77,200 shares of 8% series A convertible pay-in-kind preferred stock and warrants issued to Deutsche on July 31 in exchange for the restructuring of debt. The convertible preferreds have a limit of 39.9% on the stake they are exchangeable into, limiting the number of shares that would be issued on conversion.

The investor would own 39,551,813 shares, or 39.9%, of the Hollywood, Fla.-based homebuilder if the holdings are converted into stock.

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