-----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, PjgmYTFJdpIeUcxFBWWifZJazYtZy/Er77ewXOP+0PVWhR5xcuadSurrl+ZhcWWu 7vtMAIE9pjR+8jfyHa0bZA== 0001385152-10-000077.txt : 20101217 0001385152-10-000077.hdr.sgml : 20101217 20101216184405 ACCESSION NUMBER: 0001385152-10-000077 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20101217 DATE AS OF CHANGE: 20101216 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Polonitza David CENTRAL INDEX KEY: 0001385152 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 23 RETFORD AVENUE CITY: CRANFORD STATE: NJ ZIP: 07016 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: 101257995 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 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. 7)*

 

ITEX CORPORATION

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

(Name of Issuer)

 

 

COMMON STOCK, PAR VALUE $.01 PER SHARE

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

(Title of Class of Securities)

 

465647204

---------

(CUSIP Number)

 

 

David Polonitza

23 Retford Ave.

Cranford, NJ 07016

(502) 460-3141

 

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

(Name, Address and Telephone Number of the Person

Authorized to Receive Notices and Communications)

 

 

December 16, 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)

 

 

 

 

 

 

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

1.       Name of Reporting Person

                      

         David 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

 

   PF

 

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

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               127,975

Beneficially            (8)     Shared Voting Power             0

Owned by Each           (9)     Sole Dispositive Power          127,975

Reporting Person        (10)    Shared Dispositive Power        0

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         127,975

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

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

         Shares

                                                                      

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

 

         3.55%

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

14.      Type of Reporting Person               IN

 

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

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

 

 

 

 

 

 

 

 

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

1.       Name of Reporting Person

                      

         Wayne P. Jones

                

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

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

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

 

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

3.                         S.E.C. Use Only

 

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

4.                        Source of Funds

 

   PF

 

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

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             0

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        0

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         0

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

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

         Shares

                                                                      

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

 

         0.00%

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

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

 

   PF

 

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

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               3,000

Beneficially            (8)     Shared Voting Power             171,961

Owned by Each           (9)     Sole Dispositive Power          3,000

Reporting Person        (10)    Shared Dispositive Power        171,961

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         174,961

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

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

         Shares

                                                                        

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

 

         4.85%

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

14.      Type of Reporting Person               IN

 

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

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

 

 

 

 

 

 

 

 

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

1.       Name of Reporting Person

                        

         Sidd 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

 

   PF

 

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

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             0

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        0

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         0

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

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

         Shares

                                                                        

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

 

         0.00%

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

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             171,961

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        171,961

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         171,961

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

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

         Shares

                                                                       

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

 

         4.77%

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

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

 

   PF

 

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

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               13,300

Beneficially            (8)     Shared Voting Power             171,961

Owned by Each           (9)     Sole Dispositive Power          13,300

Reporting Person        (10)    Shared Dispositive Power        171,961

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         185,261

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

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

         Shares

                                                                       

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

 

         5.13%

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

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)     [_]

 

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

3.       S.E.C. Use Only

 

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

4.       Source of Funds

 

         PF

 

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

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               71,395

Beneficially            (8)     Shared Voting Power             0

Owned by Each           (9)     Sole Dispositive Power          71,395

Reporting Person        (10)    Shared Dispositive Power        0

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         71,395

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

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

         Shares

                                                                       

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

         1.98%

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

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

 

         PF

 

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

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               6,000

Beneficially            (8)     Shared Voting Power             0

Owned by Each           (9)     Sole Dispositive Power          6,000

Reporting Person        (10)     Shared Dispositive Power       0

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         6,000

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

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

         Shares

                                                                        

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

0.17%

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

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

 

         PF

 

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

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               8,152

Beneficially            (8)     Shared Voting Power             0

Owned by Each           (9)     Sole Dispositive Power          8,152

Reporting Person        (10)     Shared Dispositive Power       0

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         8,152

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

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

         Shares

                                                                        

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

0.23%

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

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

 

         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

         

   Delaware

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

Number of Shares        (7)     Sole Voting Power               0

Beneficially            (8)     Shared Voting Power             80,000

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        80,000

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         80,000

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

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

         Shares

                                                                       

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

2.22%

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

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

 

         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

         

   Vancouver, British Columbia, Canada

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

Number of Shares        (7)     Sole Voting Power               0

Beneficially            (8)     Shared Voting Power             14,380

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        14,380

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         14,380

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

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

         Shares

                                                                        

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

0.40%

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

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

 

         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

         

   Delaware

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

Number of Shares        (7)     Sole Voting Power               0

Beneficially            (8)     Shared Voting Power             80,000

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        80,000

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         80,000

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

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

         Shares

                                                                        

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

2.22%

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

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

 

         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

         

   Vancouver, British Columbia, Canada

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

Number of Shares        (7)     Sole Voting Power               0

Beneficially            (8)     Shared Voting Power             14,380

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        14,380

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         14,380

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

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

         Shares

                                                                       

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

0.40%

 

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

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

 

         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

         

   Vancouver, British Columbia, Canada

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

Number of Shares        (7)     Sole Voting Power               0

Beneficially            (8)     Shared Voting Power             94,380

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        94,380

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         94,380

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

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

         Shares

                                                                       

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

2.62%

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

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

 

         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

         

   Canada

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

Number of Shares        (7)     Sole Voting Power               0

Beneficially            (8)     Shared Voting Power             94,380

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        94,380

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         94,380

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

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

         Shares

                                                                       

         [_]

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

13.      Percent of Class Represented by Amount in Row 11

2.62%

 

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

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

 

         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

         

   Canada

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

Number of Shares        (7)     Sole Voting Power               0

Beneficially            (8)     Shared Voting Power             94,380

Owned by Each           (9)     Sole Dispositive Power          0

Reporting Person        (10)    Shared Dispositive Power        94,380

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         94,380

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

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

         Shares

                                                                       

         [_]

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

13.      Percent of Class Represented by Amount in Row 11              

 

         2.62%

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

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

 

         PF

 

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

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               11,460

Beneficially            (8)     Shared Voting Power             0

Owned by Each           (9)     Sole Dispositive Power          11,460

Reporting Person        (10)    Shared Dispositive Power        0

 

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

11.      Aggregate Amount Beneficially Owned by Each Reporting Person

 

         11,460

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

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

         Shares

                                                                        

         [_]

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

13.      Percent of Class Represented by Amount in Row 11              

 

         0.32%

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

14.      Type of Reporting Person               IN

 

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

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

 

 

 

 

 

AMENDMENT NO. 7 TO SCHEDULE 13D

 

The following constitutes Amendment No. 7 ("Amendment No. 7") to the Schedule 13D filed by the undersigned.  Amendment No. 7 amends the Schedule 13D as specifically set forth herein.

 

 

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

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

David 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 margin purposes. The aggregate total cost of the shares that these individuals may be deemed to beneficially own is approximately $740,272.

 

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 $579,407.  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 Pagidipati and Dr. Rudrama Pagidipati Joint Tenants is approximately $49,749.  The shares owned directly by Dr. Devaiah Pagidipati and Dr. Rudrama Pagidipati were acquired with Dr. Devaiah Pagidipati and Dr. 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.

 

 

 

The Reporting Persons attended the Issuer’s 2010 Annual Meeting on December 10, 2010. The Reporting Persons engaged members of ITEX Corporation’s Board and Management in a dialogue. The Reporting Persons stated to members of the Issuer’s Board of Directors that they will continue to seek changes with the Company to include but not limited to: increases in the returns of capital to shareholders, the listing of the Company on a NASDAQ exchange, and improvements in governance.

 

The Reporting Persons purchased the Shares based on their belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase of additional Shares desirable, the Reporting Persons may endeavor to increase their respective positions in the Issuer through, among other things, the purchase of Shares on the open market, a tender offer, or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

 

The Reporting Persons intend to review their respective investments in the Issuer on a continuing basis and engage in discussions with management, the Board of Directors, shareholders and franchisees of the Issuer concerning the business, operations and future plans of the Issuer.  Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to the Issuer as they deem appropriate including, without limitation, communications with management and the Board of the Issuer, engaging in discussions with third parties about the Issuer and the Reporting Persons' investment, seeking Board representation, and making proposals to the Issuer concerning changes to the capitalization.

 

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

Item 5. Interest in Securities of the Issuer.

(a)-(b). As of December 16, 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 Polonitza

127975

127975

0

3.55%

Rahul Pagidipati

3000

3000

171961

0.08%

Pagidipati Family, LP

171961

0

171961

4.77%

Devaiah and Rudrama Pagidipati

13300

13300

171961

0.37%

Kirk Anderson

71395

71395

0

1.98%

Paul Kim

6000

6000

0

0.17%

Richard and Greta Polonitza

8152

8152

0

0.23%

MPIC Fund I, LP

80000

0

80000

2.22%

MPIC Canadian LP

14380

0

14380

0.40%

G.Andrew Cooke

11460

11460

0

0.32%

Total

507,623

241,282

266,341

14.08%

 

 

 

 

*Based on 3,605,320 shares of Common Stock, Par Value $0.01 per share, outstanding pursuant to the Issuer's Form 10-K filed with the Securities and Exchange Commission on December 14, 2010, for the quarter ended October 31, 2010.

Each of the Reporting Persons, as a member of a “group” with the other Reporting Persons for purposes of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), may be deemed to beneficially own the Shares owned by the other Reporting Persons.  The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any Shares he or it does not directly own.  Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that he or it does not directly own.

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

Pagidipati Family Limited Partnership

10/18/2010

1930

Buy

$4.80

10/27/2010

230

Buy

$4.78

10/28/2010

770

Buy

$4.78

11/15/2010

8000

Buy

$4.76

11/16/2010

686

Buy

$4.52

11/29/2010

14314

Buy

$4.49

 

12/15/2010

4752

Buy

$4.38

 

12/16/2010

500

Buy

$4.35

Devaiah and Rudrama Pagidipati

11/15/2010

1500

Buy

$4.73

 

 

 

 (d) No person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such shares of Common Stock beneficially owned by the Reporting Persons, except for (i) clients of Corner Market Capital Corporation with respect to the Shares held in the Corner Market Capital Account.

(e) Not Applicable.

Item 7 is hereby amended to add the following exhibits:

 

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.

 

 

 

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: December 16, 2010            

 

By: /s/ David Polonitza

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

Name:   David Polonitza

                                     

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Richard Polonitza

 

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Greta Polonitza

 

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Kirk Anderson

 

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Paul W. Kim

 

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Wayne P. Jones

                             

By: /s/ Rahul Pagidipati

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

Name:   Rahul Pagidipati

 

PAGIDIPATI FAMILY, LP

 

By: /s/ Rahul Pagidipati

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

Name:   Rahul Pagidipati, Partner

 

By: /s/ Rahul Pagidipati

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

Name:   Rahul Pagidipati as attorney-in-fact for Sidd Pagidipati

 

By: /s/ Rahul Pagidipati

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

Name:   Rahul Pagidipati as attorney-in-fact for Dr. Devaiah Pagidipati

 

 

 

 

By: /s/ Rahul Pagidipati

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

Name:   Rahul Pagidipati as attorney-in-fact for 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

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

Name:   Sanjeev Parsad

 

 

 

 

 

/s/ Alnesh Mohan

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

Name:   Alnesh Mohan as attorney-in-fact for G. Andrew Cooke

 

 
 EX-1 2 ex99_1.htm 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 December 16, 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.

 

 

By: /s/ David Polonitza

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

Name:   David Polonitza

                                     

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Richard Polonitza

 

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Greta Polonitza

 

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Kirk Anderson

 

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Paul W. Kim

 

By: /s/ David Polonitza

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

Name:   David Polonitza as attorney-in-fact for Wayne P. Jones

                             

By: /s/ Rahul Pagidipati

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

Name:   Rahul Pagidipati

 

PAGIDIPATI FAMILY, LP

 

By: /s/ Rahul Pagidipati

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

Name:   Rahul Pagidipati, Partner

 

By: /s/ Rahul Pagidipati

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

Name:   Rahul Pagidipati as attorney-in-fact for Sidd Pagidipati

 

By: /s/ Rahul Pagidipati

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

 

 

 

Name:   Rahul Pagidipati as attorney-in-fact for Dr. Devaiah Pagidipati

 

By: /s/ Rahul Pagidipati

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

Name:   Rahul Pagidipati as attorney-in-fact for 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

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

Name:   Sanjeev Parsad

 

 

 

 

 

/s/ Alnesh Mohan

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

Name:   Alnesh Mohan as attorney-in-fact for G. Andrew Cooke

 

 

 
 -----END PRIVACY-ENHANCED MESSAGE-----