SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Sarachek Joseph E

(Last) (First) (Middle)
C/O KELLEY DRYE & WARREN LLP
101 PARK AVENUE

(Street)
NEW YORK NY 10178

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
EMERGENT CAPITAL, INC. [ EMGC ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
09/26/2017
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.01 per share 09/26/2017 P 37,358 A $0.45 7,357,396 I By JSARCo, LLC(1)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants (right to buy) $0.2 (2) 07/28/2023 Common Stock, par value $0.01 per share 13,575,000 13,575,000 I By JSARCo, LLC(1)
1. Name and Address of Reporting Person*
Sarachek Joseph E

(Last) (First) (Middle)
C/O KELLEY DRYE & WARREN LLP
101 PARK AVENUE

(Street)
NEW YORK NY 10178

(City) (State) (Zip)
1. Name and Address of Reporting Person*
TOPCO 1, LLC

(Last) (First) (Middle)
C/O KELLEY DRYE & WARREN LLP
101 PARK AVENUE

(Street)
NEW YORK NY 10178

(City) (State) (Zip)
1. Name and Address of Reporting Person*
JSARCO, LLC

(Last) (First) (Middle)
C/O KELLEY DRYE & WARREN LLP
101 PARK AVENUE

(Street)
NEW YORK NY 10178

(City) (State) (Zip)
Explanation of Responses:
1. Mr. Sarachek is the principal and manager of TopCo 1, LLC, which is the manager of JSARCo, LLC.
2. Of such warrants, 8,750,000 vested on July 28, 2017 and 4,825,000 will vest in connection with the conversion of the issuer's senior unsecured convertible notes outstanding as of July 28, 2017 (the "Outstanding Convertible Notes") into shares of the issuer's common stock on a 1 to 1 basis, or earlier upon the earliest date on which (x) at least 50% of the aggregate principal amount of the Outstanding Convertible Notes are converted into shares of the issuer's common stock, or (y) all of the Outstanding Convertible Notes are no longer outstanding.
Remarks:
Because Joseph E. Sarachek, a director of the issuer, has voting and investment power over securities beneficially owned by TopCo 1, LLC and JSARCo, LLC, TopCo 1, LLC and JSARCo, LLC, may be deemed to be directors by deputization.
/s/ Joseph E. Sarachek, individually, as manager of TopCo 1, LLC and for TopCo 1, LLC as manager of JSARCo, LLC 09/26/2017
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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