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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* Ace Paragon Holdings LTD (Last) (First) (Middle) 80 ROBINSON ROAD, 27TH FLOOR (Street) SINGAPORE 068898 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CRITICAL PATH INC [ CPTH ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 12/20/2006
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person 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

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
Series E Cumulative Redeemable Convertible Preferred Stock	$1.5(2)	12/20/2006		A		6,416,667		12/20/2006	07/09/2008(1)	Common Stock	7,329,758	$1.2	14,754,708	D

Explanation of Responses:

1. If at any date after July 9, 2007 the average closing price per share of Common Stock of the Issuer ("Common Stock") for any 60 consecutive trading days is not less than 400% of the Series E Accreted Value (described in note (2), below) then the issuer has the option to redeem within 40 days all outstanding Series E Cumulative Redeemable Convertible Preferred Stock of the Issuer (the "Series E Preferred") for cash at a price per share equal to the Series E Accreted Value plus all dividends accrued since the previous semi-annual compounding date. On July 9, 2008, all shares of Series E Preferred must automatically be redeemed for cash at a price per share equal to the Series E Accreted Value plus all dividends accrued since the previous semi-annual compounding date.

2. This Form 4 is filed with respect to 6,416,667 shares of Series E Preferred purchased by Ace Paragon Holdings Limited from Great Affluent Limited on December 20, 2006. The shares of Series E Preferred are convertible into the number of common stock of the issuer equal to the product of the number of shares of Series E Preferred being converted multiplied by the quotient of (i) the Series E Accreted Value divided by (ii) $1.50 (subject to anti-dilution adjustments). Series E Accreted Value means, with respect to each share of Series E Preferred, the sum of $1.50 plus all dividends that have accrued and compounded semi-annually. As of June 30, 2006, the most recent semi-annual dividend compounding date, the 6,416,667 shares of Series E Preferred were convertible into 7,329,758 shares of Common Stock.

	Julian Michael Medland, Director, CDS International Limited, CDS International Limited, as Director of Ace Paragon Holdings Limited	12/20/2006
	** 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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