Hearst still own 13.5% according to the filing today.....

After innacurate reports spread by the Eric Savitz , from Barron's Online , is time to revisit the facts.
I am not going to judge the ulterior motives of this post
Simply , i will breack down the information contained in the SCHEDULE 13D filled with the Securities and Exchange Commission.
Breakdown of the amended Statement:
a)On July 10, 2007, Hearst Communications converted approximately $3.0 million principal amount of the Note and received 746,269 shares of Common Stock issued upon such conversion.
On July 10, 2007, Hearst Communications sold the 746,269 shares of Common Stock issued upon conversion of the Note through a series of open-market transactions.
That is : 746,269 shares @ $ 4.01= $3.0 million
b)On July 12, 2007, Hearst Communications converted an additional approximately $1.0 million principal amount of the Note and received 250,000 shares of Common Stock issued upon such conversion.
On July 12, 2007, Hearst Communications sold the 250,000 shares of Common Stock issued upon conversion of the Note through a series of open- market transactions.
That is : 250,000 shares @ $ 4.00= $1.0 million.
c)Yesterday,0n July 17, 2007, Hearst Communications converted the remaining approximately $2.0 million principal amount of the Note and received 496,268 shares of Common Stock issued upon such conversion.
That is : 496,268 shares @ $ 4.03= $2.0 million.

So , basically the NOTE worth $6.0 million was divided in:

a) $3.0 million Or 746,269 shares SOLD b) $1.0 million Or 250,000 shares shares SOLD c) $2.0 million Or 496,268 shares HOLD

So , the NOTE, or debt of LOCAL.com es eliminated.

THIS IS VERY IMPORTANT FOR ANY FUTURE BUYOUTS PERSPECTIVES.

After giving effect to these transactions, pursuant to Rule 13d-3(d)
(1), Hearst Communications beneficially owns an aggregate of 1,690,298 shares of Common Stock which were issued upon the conversion of the balance of the Note on July 17, 2007.
Now, let me do the math, how come that Hearst Communications, owns 1,690,298 shares if sold 996,269 shares of the 1,493,782 shares form the $6.0 million Debt conversion (The NOTE).....
Because buried in the SCHEDULE 13D filed on 07/10/07, there is a warrant related to the sale of the Note. I quote: "the Series A Warrant to purchase 597,015 shares of Common Stock at an exercise price (subject to adjustment) of $4.82 and (iii) the Series B Warrant to purchase an aggregate of 597,015 shares of Common Stock at an exercise price (subject to adjustment) of $5.63." .
Now, let me do more math... 597,015 shares + 597,015 shares + 496,268 shares = 1,690,298 shares
TOTAL AMOUNT OF OUTSTANDING SHARES AS 07/17/07= 10,798,355 SHARES
10,798,355 SHARES *15.655% = 1,690,482 SHARES.
Hearst Communications beneficially owns an aggregate of 1,690,298 shares of Common Stock OR 15.655% of LOCAL.COM !!!!!!!!!!
And that is the BOTTOM LINE......