Game,

IMO if Saunders is the mystery investor, he would be required by law to file a Form 3 as a beneficial owner of greater than 10% of Cardiogenics common shares within ten days of either converting the debenture debt into shares of Cardiogenics or exercising warrants that he has been granted by Cardiogenics.

Section 12 of the SEC Exchange Act requires that he has "voting or investment control" over the shares "...pursuant to Rule 16a-1(a)(i)"; i.e. a 10% holder. IMO convertible debenture debt and warrants do not meet the requirement of voting or investment control.

Ante