CSX Ruling on Beneficial Ownership Confounds

Judge Kaplan's ruling that swaps should be counted in the calculation of five percent ownership under Rule 13D disclosures has the corporate bar wondering whether swaps will be counted in a host of other stock calculations that trigger regulations, Rule 16 for example, or contractual provisions (poison pills, for example).  Calculations of beneficial ownership have not traditionally included "insurance type" payments.  This is posing a major headache for the swaps market.