-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HJqSoz3vqRNZVoWsOJFsvZxxS4Yw0JJoAAtIFOT8+V0rE5krH3ckNWdm/Q03krE1 BPq6/idBeL904GKrpaLrtw== 0001144204-07-007005.txt : 20070213 0001144204-07-007005.hdr.sgml : 20070213 20070213124820 ACCESSION NUMBER: 0001144204-07-007005 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070213 DATE AS OF CHANGE: 20070213 GROUP MEMBERS: BRUCE GALLOWAY GROUP MEMBERS: GARY HERMAN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Odimo INC CENTRAL INDEX KEY: 0001292026 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-JEWELRY STORES [5944] IRS NUMBER: 223607813 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-80571 FILM NUMBER: 07607511 BUSINESS ADDRESS: STREET 1: 14001 N.W. 4TH STREET CITY: SUNRISE STATE: FL ZIP: 33325 BUSINESS PHONE: 954-835-2233 MAIL ADDRESS: STREET 1: 14001 N.W. 4TH STREET CITY: SUNRISE STATE: FL ZIP: 33325 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STRATEGIC TURNAROUND EQUITY PARTNERS LP CAYMAN CENTRAL INDEX KEY: 0001372509 IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: PO BOX 2150 GT 4TH FLOOR STREET 2: 1 CAYMAN FINANCIAL CENTER CITY: GRAND CAYMAN STATE: E9 ZIP: 00000 BUSINESS PHONE: 212 247 0581 MAIL ADDRESS: STREET 1: PO BOX 2150 GT 4TH FLOOR STREET 2: 1 CAYMAN FINANCIAL CENTER CITY: GRAND CAYMAN STATE: E9 ZIP: 00000 SC 13G/A 1 v065620_sc13ga.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Information to be Included in Statements Filed Pursuant to Rules 13d-1(b), (c) and (d) and Amendments Thereto Filed Pursuant to Rule 13d-2(b) Under the Securities Exchange Act of 1934 (Amendment No. 2)* ODIMO INCORPORATED - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.001 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 67606R107 - -------------------------------------------------------------------------------- (CUSIP Number) December 31, 2006 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |_| Rule 13d-1(b) |X| Rule 13d-1(c) |_| Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 9 pages =================== ================= CUSIP NO. 67606R107 13G Page 2 of 9 Pages =================== ================= ================================================================================ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Strategic Turnaround Equity Partners, L.P. (Cayman) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands ================================================================================ 5 SOLE VOTING POWER NUMBER OF SHARES 0 -------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER OWNED BY 0 -------------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING 0 -------------------------------------------------------- PERSON WITH 8 SHARED DISPOSITIVE POWER 0 ================================================================================ 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0 - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* PN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 2 of 9 pages =================== ================= CUSIP NO. 67606R107 13G Page 3 of 9 Pages =================== ================= ================================================================================ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Bruce Galloway - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States ================================================================================ 5 SOLE VOTING POWER NUMBER OF SHARES 820,344 -------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER OWNED BY 0 -------------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING 820,344 -------------------------------------------------------- PERSON WITH 8 SHARED DISPOSITIVE POWER 0 ================================================================================ 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 820,344 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 11.45%(1) - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! - ---------- (1) Based on 7,161,923 shares of common stock outstanding as of November 10, 2006, as reported in Form 10-Q filed with the Securities and Exchange Commission on November 14, 2006. Page 3 of 9 pages =================== ================= CUSIP NO. 67606R107 13G Page 4 of 9 Pages =================== ================= ================================================================================ 1 NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Gary Herman - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |_| (b) |X| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States ================================================================================ 5 SOLE VOTING POWER NUMBER OF SHARES 0 -------------------------------------------------------- BENEFICIALLY 6 SHARED VOTING POWER OWNED BY 0 -------------------------------------------------------- EACH 7 SOLE DISPOSITIVE POWER REPORTING 0 -------------------------------------------------------- PERSON WITH 8 SHARED DISPOSITIVE POWER 0 ================================================================================ 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0 - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IN ================================================================================ *SEE INSTRUCTIONS BEFORE FILLING OUT! Page 4 of 9 pages Item 1(a). Name of Issuer: Odimo Incorporated (the "Issuer") Item 1(b). Address of Issuer's Principal Executive Offices: 14051 NW 14th Street, Sunrise, FL 33323 Item 2(a). Name of Person Filing: Strategic Turnaround Equity Partners, L.P. (Cayman), Bruce Galloway and Gary Herman (Collectively, the "Reporting Persons") Item 2(b). Address of Principal Business Office or, if None, Residence: Strategic Turnaround Equity Partners, L.P. (Cayman): c/o Stuarts Corporate Services, Ltd., P.O. Box 2510 GT, 4th Floor, One Cayman Financial Centre, 36A Dr. Roy's Drive, Georgetown, Grand Cayman, Cayman Island. Bruce Galloway and Gary Herman: c/o Galloway Capital Management, LLC, 720 Fifth Avenue, 10th Floor, New York, NY 10019 Item 2(c). Citizenship: Strategic Turnaround Equity Partners, L.P. (Cayman): Cayman Islands Bruce Galloway: United States Gary Herman: United States Item 2(d). Title of Class of Securities: Common Stock, par value $0.001 per share Item 2(e). CUSIP Number: 67606R107 Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: Not Applicable (a) |_| Broker or dealer registered under Section 15 of the Exchange Act. (b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act. (c) |_| Insurance company as defined in Section 3(a)(19) of the Exchange Act. Page 5 of 9 pages (d) |_| Investment company registered under Section 8 of the Investment Company Act. (e) |_| An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E). (f) |_| An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F). (g) |_| A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G). (h) |_| A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act. (i) |_| A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act. (j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J). Item 4. Ownership (a) Amount beneficially owned: Strategic Turnaround Equity Partners, L.P. (Cayman): 0 Bruce Galloway: 820,344 Gary Herman: 0 Mr. Galloway is a managing member and the majority equity holder of Galloway Capital Management, LLC, a Delaware limited liability company, the general partner of Strategic Turnaround Equity Partners, L.P.(Cayman) ("STEP") Mr. Herman is a managing member of Galloway Capital Management, LLC (Cayman), the general partner of STEP. On November 27, 2006 STEP sold all of the shares of common stock of the Issuer (the "Shares") it owned prior to this date. On December 26, 2006 Mr. Herman sold all of the Shares he owned prior to this date. Prior to these dates, Mr. Galloway and Mr. Herman may have been deemed beneficial owner of the Shares, both of whom disclaimed any beneficial ownership of the Shares held by STEP prior to the dates on which the shares were sold, as aforementioned. . (b) Percent of class: Strategic Turnaround Equity Partners, L.P. (Cayman): 0 Bruce Galloway: 11.45% Gary Herman: 0 Page 6 of 9 pages Based on 7,161,923 shares of common stock outstanding as of November 10, 2006, as reported in Form 10-Q filed with the Securities and Exchange Commission on November 14, 2006. (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: Strategic Turnaround Equity Partners, L.P. (Cayman): 0 Bruce Galloway: 820,344 Gary Herman: 0 (ii) shared power to vote or to direct the vote:0 (iii) sole power to dispose or to direct the disposition of: Strategic Turnaround Equity Partners, L.P. (Cayman): 0 Bruce Galloway: 820,344 Gary Herman: 0 (iv) shared power to dispose or to direct the disposition of: 0 Item 5. Ownership of Five Percent or Less of a Class If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following |_|. Item 6. Ownership of More than Five Percent on Behalf of Another Person N/A Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company N/A Item 8. Identification and Classification of Members of the Group N/A Item 9. Notice of Dissolution of Group N/A Page 7 of 9 pages Item 10. Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Page 8 of 9 pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2007 Strategic Turnaround Equity Partners, L.P. (Cayman) By: /s/ Gary Herman --------------- Name: Gary Herman Title: Managing Member of Galloway Capital Managing, LLC (Cayman), the general partner of Strategic Turnaround Equity Partners, L.P. (Cayman) By: /s/ Bruce Galloway ------------------ Bruce Galloway By: /s/ Gary Herman --------------- Gary Herman Page 9 of 9 pages -----END PRIVACY-ENHANCED MESSAGE-----