formsc13da.htm - Generated by SEC Publisher for SEC Filing

-----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, CYzavaMXzSCjOj4kdMSeFKK6DCeh4WSpIwwLXM2aBfidlLsgWeCg3/uZ4UP1R4xW FACDVjT44P82HfCB06iroA== 0001385152-10-000006.txt : 20100406 0001385152-10-000006.hdr.sgml : 20100406 20100405185702 ACCESSION NUMBER: 0001385152-10-000006 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20100406 DATE AS OF CHANGE: 20100405 GROUP MEMBERS: ALNESH MOHAN GROUP MEMBERS: BENJAMIN POLONITZA GROUP MEMBERS: CORNER MARKET CAPITAL CORPORATION GROUP MEMBERS: CORNER MARKET CAPITAL U.S., INC. GROUP MEMBERS: CORNER MARKET MANAGEMENT INC. GROUP MEMBERS: DRS. DEVAIAH AND RUDRAMA PAGIDIPATI, JT. TEN. GROUP MEMBERS: G. ANDREW COOKE GROUP MEMBERS: JONATHAN POLONITZA GROUP MEMBERS: KIRK ANDERSON GROUP MEMBERS: MPIC CANADIAN LIMITED PARTNERSHIP FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Polonitza David CENTRAL INDEX KEY: 0001385152 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 2550 NELSONVILLE ROAD CITY: BOSTON STATE: KY ZIP: 40107 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ITEX CORP CENTRAL INDEX KEY: 0000860518 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 930922994 STATE OF INCORPORATION: NV FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-42668 FILM NUMBER: 10732827 BUSINESS ADDRESS: STREET 1: 3326 160TH AVE SE STREET 2: SUITE 100 CITY: BELLEVUE STATE: WA ZIP: 98008-6418 BUSINESS PHONE: 425-463-4000 MAIL ADDRESS: STREET 1: 3326 160TH AVE SE STREET 2: SUITE 100 CITY: BELLEVUE STATE: WA ZIP: 98008-6418 FORMER COMPANY: FORMER CONFORMED NAME: ITEX CORPORATION DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: ITEX BARTER SYSTEMS INC DATE OF NAME CHANGE: 19600201 SC 13D/A 1 formsc13da.htm ITEX CORPORATION SC 13D A 4-6-2010 formsc13da.htm - Generated by SEC Publisher for SEC Filing

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

RULE 13d-2(a)

(Amendment No. 3)*

ITEX CORPORATION

--------------------------------

(Name of Issuer)

COMMON STOCK, PAR VALUE $.01 PER SHARE

---------------------------------------

(Title of Class of Securities)

465647204

---------

(CUSIP Number)

David Polonitza

2550 Nelsonville Road

Boston, KY 40107

(502) 460-3141

Copy to:

Navin R. Pasem
Law Office of Navin R. Pasem, P.L.
10014 N. Dale Mabry Hwy, Suite 101
Tampa, Florida 33618
Phone: (813) 382-8017

----------------------------------------

(Name, Address and Telephone Number of the Person

Authorized to Receive Notices and Communications)

April 5, 2010

----------------

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [X].

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent.

* 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 disclosures provided in a prior cover page.

The information required on 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 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.)

(Continued of following pages)

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1. Name of Reporting Person

David and Rebecka Polonitza, Jt. Ten.

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 635,700

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 635,700

Reporting Person (10) Shared Dispositive Power 0

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

635,700

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

3.52%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

Rahul Pagidipati

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 15,000

Beneficially (8) Shared Voting Power 626,080

Owned by Each (9) Sole Dispositive Power 15,000

Reporting Person (10) Shared Dispositive Power 626,080

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

641,080

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

3.55%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

Pagidipati Family Limited Partnership

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

WC, OO

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 0

Beneficially (8) Shared Voting Power 626,080

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 626,080

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

626,080

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

3.46%

-----------------------------------------------------------------------

14. Type of Reporting Person PN

-----------------------------------------------------------------------

1. Name of Reporting Person

Drs. Devaiah and Rudrama Pagidipati, Jt. Ten.

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 44,000

Beneficially (8) Shared Voting Power 626,080

Owned by Each (9) Sole Dispositive Power 44,000

Reporting Person (10) Shared Dispositive Power 626,080

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

670,080

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

3.71%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

Kirk Anderson

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

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3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 348,880

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 348,880

Reporting Person (10) Shared Dispositive Power 0

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

348,880

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

1.93%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

Paul Kim

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 30,000

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 30,000

Reporting Person (10) Shared Dispositive Power 0

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

30,000

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

0.16%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

Richard and Greta Polonitza Jt. Ten.

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 40,760

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 40,760

Reporting Person (10) Shared Dispositive Power 0

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

40,760

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

0.22%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

Jonathan Polonitza

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 17,800

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 17,800

Reporting Person (10) Shared Dispositive Power 0

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

17,800

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

0.09%

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14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

Benjamin Polonitza

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

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3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 3,100

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 3,100

Reporting Person (10) Shared Dispositive Power 0

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

3,100

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

0.01%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

MPIC Fund I, LP

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

Delaware

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Number of Shares (7) Sole Voting Power 0

Beneficially (8) Shared Voting Power 400,000

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 400,000

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

400,000

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

2.21%

-----------------------------------------------------------------------

14. Type of Reporting Person PN

-----------------------------------------------------------------------

1. Name of Reporting Person

MPIC Canadian Limited Partnership

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

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6. Citizenship or Place of Organization

Vancouver, British Columbia, Canada

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Number of Shares (7) Sole Voting Power 0

Beneficially (8) Shared Voting Power 71,900

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 71,900

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

71,900

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

0.39%

-----------------------------------------------------------------------

14. Type of Reporting Person PN

-----------------------------------------------------------------------

1. Name of Reporting Person

Corner Market Capital U.S., Inc.

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

Delaware

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 0

Beneficially (8) Shared Voting Power 400,000

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 400,000

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

400,000

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

2.21%

-----------------------------------------------------------------------

14. Type of Reporting Person CO

-----------------------------------------------------------------------

1. Name of Reporting Person

Corner Market Management Inc.

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

Vancouver, British Columbia, Canada

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 0

Beneficially (8) Shared Voting Power 71,900

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 71,900

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

71,900

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

0.39%

-----------------------------------------------------------------------

14. Type of Reporting Person CO

-----------------------------------------------------------------------

1. Name of Reporting Person

Corner Market Capital Corporation

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

Vancouver, British Columbia, Canada

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 0

Beneficially (8) Shared Voting Power 471,900

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 471,900

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

471,900

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

2.61%

-----------------------------------------------------------------------

14. Type of Reporting Person CO

-----------------------------------------------------------------------

1. Name of Reporting Person

Alnesh Mohan

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

Canada

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 0

Beneficially (8) Shared Voting Power 471,900

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 471,900

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

471,900

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

2.61%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

Sanjeev Parsad

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

Canada

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 0

Beneficially (8) Shared Voting Power 471,900

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 471,900

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

471,900

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

2.61%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

1. Name of Reporting Person

G. Andrew Cooke

-----------------------------------------------------------------------

2. Check the Appropriate Box (a) [X]

if a Member of a Group (b) [_]

-----------------------------------------------------------------------

3. S.E.C. Use Only

-----------------------------------------------------------------------

4. Source of Funds

-----------------------------------------------------------------------

5. Check box if disclosure of legal proceedings is required

pursuant to items 2(D) or 2(E): / /

-----------------------------------------------------------------------

6. Citizenship or Place of Organization

United States of America

-----------------------------------------------------------------------

Number of Shares (7) Sole Voting Power 57,300

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 57,300

Reporting Person (10) Shared Dispositive Power 0

-----------------------------------------------------------------------

11. Aggregate Amount Beneficially Owned by Each Reporting Person

57,300

-----------------------------------------------------------------------

12. Check if the Aggregate Amount in Row (11) Excludes Certain

[_]

-----------------------------------------------------------------------

13. Percent of Class Represented by Amount in Row 11

0.32%

-----------------------------------------------------------------------

14. Type of Reporting Person IN

-----------------------------------------------------------------------

AMENDMENT NO. 3 TO SCHEDULE 13D

The following constitutes Amendment No. 3 ("Amendment No. 3") to the

Schedule 13D filed by the undersigned. This Amendment No. 3 amends the Schedule 13D as specifically set forth.

Item 3 is hereby amended and restated to read as follows:

Item 3. Source and Amount of Funds or Other Consideration.

David Polonitza, Rebecka Polonitza, Jonathan Polonitza, Benjamin Polonitza, Richard Polonitza, Greta Polonitza, Paul Kim, and Kirk Anderson each acquired his or her Common Stock currently held with personal funds either through a personal account or an IRA. None of the securities have now or ever been pledged for any loans nor used for other mar gin purposes. The aggregate total cost for these Shares that these individuals may be deemed to beneficially own is approximately $751,535.

The aggregate purchase price of the shares owned directly by the Rahul Pagidipati is approximately $9,751. The shares owned directly by the Rahul Pagidipati were acquired with Rahul Pagidipati’s personal funds.

The aggregate purchase price of the shares owned directly by the Pagidipati Family Limited Partnership is approximately $421,794. The shares owned directly by the Pagidipati Family, LP were acquired with the working capital of the Pagidipati Family, LP.

The aggregate purchase price of the shares owned directly by the Dr. Devaiah and Dr. Rudrama Pagidipati Joint Tenants is approximately $29,604. The shares owned directly by the Drs. Devaiah and Rudrama Pagidipati were acquired with Drs. Devaiah and Rudrama Pagidipati’s personal funds.

The aggregate purchase price of the shares owned directly by the MPIC Fund I is approximately $269,131. The shares owned directly by the MPIC Fund I were acquired with the working capital of MPIC Fund I.

The aggregate purchase price of the shares owned directly by the MPIC Canadian LP is approximately $52,852. The shares owned directly by the MPIC Canadian LP were acquired with the working capital of MPIC Canadian LP.

The aggregate purchase price of the shares owned directly by G. Andrew Cooke is approximately $37,418. The shares owned directly by G. Andrew Cooke were acquired with G. Andrew Cooke’s personal funds.

Item 4 is hereby amended and restated to read as follows:

Item 4. Purpose of Transaction.

On March 23, 2010, the Polonitza Group sent a letter to the ITEX Corp. a copy of which is attached hereto and incorporated herein. The original letter has been amended to reflect the change in wording from "halting the grant of stock options" to "halting the grant of restricted stock".

Item 5 is hereby amended and restated to read as follows:

Item 5. Interest in Securities of the Issuer.

(a)-(b). As of April 5, 2010, the aggregate number of shares of Common Stock and percentage of the outstanding Common Stock of the Issuer beneficially owned (i) by each of the Reporting Persons, and (ii) to the knowledge of the Reporting Persons, by each other person who may be deemed to be a member of a group, is as follows:

Reporting Person	Aggregate Number of Shares	Number of Shares: Sole Power to Vote or Dispose	Number of Shares: Shared Power to Vote or Dispose	Approximate Percentage*


David and Rebecka Polonitza	635700	635700	0	3.52%
Rahul Pagidipati	15000	15000	626080	0.08%
Pagidipati Family, LP	626080	0	626080	3.47%
Devaiah and Rudrama Pagidipati	44000	44000	626080	0.24%
Kirk Anderson	348800	348800	0	1.93%
Paul Kim	30000	30000	0	0.16%
Richard and Greta Polonitza	40760	40760	0	0.22%
Jonathan Polonitza	17800	17800	0	0.09%
Benjamin Polonitza	3100	3100	0	0.01%
MPIC Fund I, LP	400000	0	400000	2.22%
MPIC Canadian LP	71900	0	71900	0.39%
G.Andrew Cooke	57300	57300	0	0.32%
Total	2290440	1192460	1097980	12.69%

^*Based on 18,051,248 shares of Common Stock, Par Value $0.01 per share, outstanding pursuant to the Issuer's Form 10-Q filed with the Securities and Exchange Commission on March 9, 2010, for the quarter ended January 31, 2010.

c) The table below lists all the transactions in the Issuer's Common Stock in the last sixty days by the Reporting Persons. All transactions were made in the open market.

Transactions in Common Stock Within the Past Sixty Days

Party	Date of Purchase/ Sale	Number of Shares of the Common Stock	Buy/Sell	Price Per Share
David and Rebecka Polonitza	2/17/2010	1500	Buy	.72
	3/19/2010	1000	Buy	.81

Richard and Greta Polonitza	2/17/2010	500	Buy	.72
	2/17/2010	100	Buy	.72
	2/17/2010	500	Buy	.73

Pagidipati Family Limited Partnership	3/11/2010	25000	Buy	.83
	3/25/2010	10000	Buy	.81

MPIC Canadian Limited Partnership	2/8/2010	17815	Buy	.73
	2/9/2010	9250	Buy	.71
	2/12/2010	4650	Buy	.70
	2/24/2010	500	Buy	.71

G. Andrew Cooke	2/24/2010	10000	Buy	.72
	2/25/2010	4500	Buy	.72
	3/2/2010	2800	Buy	.71

Item 7 is hereby amended and restated to read as follows:

Item 7. Material to be Filed as Exhibits.

99.1 An agreement relating to the filing of a joint statement as required by Rule 13d-1(f) under the Securities

Exchange Act of 1934.

99.2 A copy of a letter sent to ITEX Corporation Board of Directors from the Polonitza Group, dated March 23, 2010.

SIGNATURES

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: April 5, 2010 By: /s/ David Polonitza

-------------------------------

Name: David Polonitza

By: /s/ Rebecka Polonitza

-------------------------------

Name: Rebecka Polonitza

By: /s/ Richard Polonitza

-------------------------------

Name: Richard Polonitza

By: /s/ Greta Polonitza

-------------------------------

Name: Greta Polonitza

By: /s/ Kirk Anderson

-------------------------------

Name: Kirk Anderson

By: /s/ Paul Kim

-------------------------------

Name: Paul Kim

By: /s/ Jonathan Polonitza

-------------------------------

Name: Jonathan Polonitza

By: /s/ Benjamin Polonitza

-------------------------------

Name: Benjamin Polonitza

By: /s/ Rahul Pagidipati

-------------------------------

Name: Rahul Pagidipati

PAGIDIPATI FAMILY, LP

By: /s/ Rahul Pagidipati

-------------------------------

Name: Rahul Pagidipati, Partner

By: /s/ Devaiah Pagidipati

-------------------------------

Name: Dr. Devaiah Pagidipati

By: /s/ Rudrama Pagidipati

-------------------------------

Name: Dr. Rudrama Pagidipati

MPIC FUND I, LP

By: Corner Market Capital U.S., Inc

General Partner

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

CORNER MARKET CAPITAL U.S., INC.

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

MPIC CANADIAN LIMITED PARTNERSHIP

By: Corner Market Management, Inc.

General Partner

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

CORNER MARKET MANAGEMENT, INC.

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

CORNER MARKET CAPITAL CORPORATION

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

/s/ Alnesh Mohan

-------------------------------

ALNESH MOHAN

/s/ Sanjeev Parsad

-------------------------------

SANJEEV PARSAD

/s/ G. Andrew Cooke

-------------------------------

G. ANDREW COOKE

EX-1 2 ex99_1.htm EXHIBIT 99.1 ex99_1.htm - Generated by SEC Publisher for SEC Filing

EXHIBIT 99.1

JOINT FILING AGREEMENT

The undersigned hereby agree that the statement on Schedule 13D with respect to the Common Stock of ITEX Corporation dated as of April 5, 2010, and any amendments thereto signed by each of the undersigned, shall be filed on behalf of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.

Date: April 5, 2010 By: /s/ David Polonitza

-------------------------------

Name: David Polonitza

By: /s/ Rebecka Polonitza

-------------------------------

Name: Rebecka Polonitza

By: /s/ Richard Polonitza

-------------------------------

Name: Richard Polonitza

By: /s/ Greta Polonitza

-------------------------------

Name: Greta Polonitza

By: /s/ Kirk Anderson

-------------------------------

Name: Kirk Anderson

By: /s/ Paul Kim

-------------------------------

Name: Paul Kim

By: /s/ Jonathan Polonitza

-------------------------------

Name: Jonathan Polonitza

By: /s/ Benjamin Polonitza

-------------------------------

Name: Benjamin Polonitza

By: /s/ Rahul Pagidipati

-------------------------------

Name: Rahul Pagidipati

PAGIDIPATI FAMILY, LP

By: /s/ Rahul Pagidipati

-------------------------------

Name: Rahul Pagidipati, Partner

By: /s/ Devaiah Pagidipati

-------------------------------

Name: Dr. Devaiah Pagidipati

By: /s/ Rudrama Pagidipati

-------------------------------

Name: Dr. Rudrama Pagidipati

MPIC FUND I, LP

By: Corner Market Capital U.S., Inc

General Partner

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

CORNER MARKET CAPITAL U.S., INC.

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

MPIC CANADIAN LIMITED PARTNERSHIP

By: Corner Market Management, Inc.

General Partner

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

CORNER MARKET MANAGEMENT, INC.

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

CORNER MARKET CAPITAL CORPORATION

By: /s/ Alnesh Mohan

-------------------------------

Name: Alnesh Mohan, CEO

/s/ Alnesh Mohan

-------------------------------

ALNESH MOHAN

/s/ Sanjeev Parsad

-------------------------------

SANJEEV PARSAD

/s/ G.Andrew Cooke

-------------------------------

G. ANDREW COOKE

EX-2 3 ex99_2.htm EXHIBIT 99.2 ex99_2.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.2

Polonitza Group

2550 Nelsonville Rd.

Boston, KY 40107

502-460-3141

March 23, 2010

Board of Directors of ITEX Corporation

3326 160th Avenue SE

Suite 100

Bellevue, WA 98008

Gentlemen,

The Polonitza Group, ITEX Corporation’s largest shareholder group holding 12.6% of all shares outstanding as of March 23, 2010, applauds management for adopting our suggestion of authorizing a share repurchase plan. A share repurchase plan, along with the creation of exit questionnaires for members who leave the ITEX marketplace, were two initiatives that were recommended by members of the Polonitza Group during ITEX’s 2009 annual meeting, held on December 11, 2009.

Members of the Polonitza Group have been ITEX Corporation shareholders for 6 years, attracted by ITEX’s number one asset: its franchised Broker Network. While we are encouraged by management’s recent willingness to adopt some of our initiatives, we will continue to seek the following changes:

· Improve the profitability of franchisees: ITEX manages the ITEX Marketplace utilizing a private currency called "ITEX dollars," to enable ITEX members to purchase from, and sell their products or services to other members using ITEX Trade Dollars instead of cash. ITEX generates fees through its marketplace in two areas: transaction and monthly subscription fees. Transaction fees consist of a 5.0% to 6.0% cash fee on the “ITEX dollar” amount of the member 6;s purchases and sales, and for most members, an additional subscription fee of $20 US dollars and $10 “ITEX dollars” charged every 4-weeks to remain an ITEX marketplace member. ITEX retains 25% of all transaction fees and 65% of cash subscription fees, with the balance paid to the ITEX franchisees.

For every dollar of fees that ITEX Corporation is collecting, the % of these fees that the franchisees receive is declining. This trend, coupled with the lack of meaningful fee growth since 2006, is weakening the finances of the Broker Network. In the long-term, this trend will force brokers to leave the marketplace and make it more difficult to recruit new brokers into the system.

	Six-Months ended	Year ended	Year ended	Year ended	Year ended
Fees Collected (in thousands) :	31-Jan-10	31-Jul-09	31-Jul-08	31-Jul-07	31-Jul-06

Total Fees Collected	$7,956	$14,569	$14,219	$13,980	$14,256

Commissions to franchisees (in thousands) :
Association commissions	$842	$1,559	$1,773	$1,688	$2,018
Transaction commissions	$3,912	$7,736	$7,757	$7,579	$8,086

Total Commissions to Brokers	$4,754	$9,335	$9,530	$9,267	$10,086

Ratio of Broker Commissions to Broker Fees	59.75%	64.07%	67.02%	66.29%	70.75%

Source: ITEX Annual and Quarterly filings with the SEC

· Improve ITEX Corporation’s corporate governance: ITEX must improve its governance and internal controls. Independent board members need to be added to the audit and compensation committee. At present there exists an incestuous relationship between the three directors and their various companies. Unlike existing board members who have not personally purchased a share of ITEX stock since 2006, these new board members should have purchased a meaningful amount of ITEX shares to ensure that they “eat their own cooking” and their interests are aligned with the future of ITEX.

· Boost the number of franchise locations and overall member count through organic growth: A key component of this initiative is to invest in the company’s franchising efforts to recruit new franchisees, while properly incentivizing existing franchisees to expand to additional locations. Currently utilizing a “Pull” effort to recruit new franchisees, ITEX should adopt a "Push" marketing campaign to better inform potential franchisees of the ITEX opportunity. ITEX is the largest barter marketplace in North America in terms of members and transactions, yet smaller competitors such as Tradebank, have recently received recognition as one of < /FONT>Bond's Top 100 Franchises. ITEX has the resources and size to match or exceed these accomplishments.

· Provide additional services to the ITEX member base: ITEX helps businesses utilize excess capacity, while increasing sales through an exclusive distribution channel. ITEX's current marketplace, franchise network, internet presence, and national footprint could allow it to enter the fast growing market of social buying without a significant capital outlay. Businesses such as Groupon and LivingSocial have recently received tens of millions of dollars in venture f inancing, by promising small businesses a minimum number of customers and providing consumer discounts through collective buying power. At their core, ITEX and firms such as Groupon, provide small businesses with a similar value proposition – new customers who can utilize excess capacity. While Groupon and LivingSocial are rolling out their services city-by-city, ITEX and its franchisees have an existing presence of hundreds of small in cities across the country. Using franchisees as sales agents to both existing ITEX members and businesses outside the network, ITEX Corporate and the franchise base would benefit from an additional revenue stream that will expose ITEX to thousands of new customers. This is just one potential additional service that the company can develop leveraging its current infrastructure and business relationships.

· Supply clarity as to the future of ITEX’s arrangement with SuperMedia, Inc.: In February 2009, SuperMedia, Inc., a company with over $2 Billion in annual revenues, signed a subscription-based service offering with ITEX Corporation. ITEX created the SuperTradeExchange for SuperMedia, in exchange for a flat base subscription fee and a percentage fee for the total value of transactional activity hosted b y the platform. Based upon SuperMedia’s investor presentations, the SuperTradeExchange initiative is intended to sustain SuperMedia’s existing client base, which is multiple times larger than ITEX’s. ITEX’s existing 24,000 member businesses provided an established marketplace for the newly-created SuperTradeExchange members to trade with. The initiative was also intended to benefit ITEX’s franchisees, by providing them with new customers to trade with. As transaction fees remain stagnant, it does not appear that this is taking place.

We do not want this opportunity to be wasted. ITEX Corporation is currently utilizing its company-owned offices to act as Trade Directors for the SuperTradeExchange, which could complicate the scalability of the SuperTradeExchange if it can increase its member count, due to the limited number of ITEX Corporate employees. If franchisees were provided the ability to service the SuperTradeExchange members, this would provide a value-creating opportunity for the ITEX Marketplace and its franchisees, while allowing the SuperTradeExchange to rapidly expand.

· Proper management of excess free cash flows: If there are no investment opportunities available that provide an adequate Return on Investment (ROI), management should return excess cash flows and capital to shareholders. We encourage ITEX to continue their share repurchase efforts while cautiously examining any potential acquisitions. It is far superior for ITEX to work on retaining members in the ITEX marketplace through improved service and product offerings, than paying $300-$1000 per member in an acquisition.

· Improve ITEX’s churn rate: In fiscal year 2009, we estimate the company had a 16% churn rate, or approximately 4,000 members who left the ITEX marketplace. This follows churn rates of 14% and 18% for FY 2008 and FY 2007 respectively. Approximately 10,000 businesses have left the ITEX marketplace between FY2007-FY2009. As of the fiscal 2009 annual meeting, ITEX was not surveying members who left the marketplace as to why they did so (which is what the Polonitza Group suggested be done at ITEX’s last meeting). How can the organization improve these figures if they do not truly know why members are leaving? Focusing r esources on improving ITEX member retention rate, such as improved ITEX member education initiatives, while signing up new members and franchisees, will be far more cost effective than entering into transactions to purchase new members.

· Splitting the CEO and CFO positions: Chief Executive Officers should devote their time focusing on the management of the business, providing leadership, planning, organizing, and maximizing the corporation’s resources. ITEX’s CEO has served as both the firm’s CEO and interim-CFO since 2003. To eliminate both potential conflicts of interest, while providing the CEO with the sole job of focusing on his responsibilities, we believe that ITEX should hire a separate CFO in either a full-time or part-time capacity. ITEX has a number of attractive opportunities that it can capitalize on currently, and the CEO should be 100% focu sed on this task. It is also essential for a public corporation to have separation in these duties to provide adequate accounting controls.

We are here to work with, not against, the existing board and management to adopt our initiatives. Our group is encouraged by developments since our campaign began, such as halting the grant of restricted stock as compensation to board members, initiating a share repurchase program, and developing exit surveys for members who are leaving the ITEX marketplace. However, for ITEX to reach its true potential there must be improvements in governance, operations, and corporate entrepreneurship.

We look forward to your response.

Respectfully,

The Polonitza Group

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