formsc13da.htm - Generated by SEC Publisher for SEC Filing

0001385152-11-000004.txt : 20110427 0001385152-11-000004.hdr.sgml : 20110427 20110427161617 ACCESSION NUMBER: 0001385152-11-000004 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20110427 DATE AS OF CHANGE: 20110427 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: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-42668 FILM NUMBER: 11783842 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. 8)*

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)

April 27, 2011

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

(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 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 128,640

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 128,640

Reporting Person (10) Shared Dispositive Power 0

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

128,640

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

3.57%

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

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

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

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

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

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

[_]

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

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

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

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 175,781

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

Reporting Person (10) Shared Dispositive Power 175,781

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

175,781

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

4.95%

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

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

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

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

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

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

[_]

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

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 175,781

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 175,781

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

175,781

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

4.88%

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

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 13,300

Beneficially (8) Shared Voting Power 175,781

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

Reporting Person (10) Shared Dispositive Power 175,781

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

189,081

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

5.24%

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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

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Number of Shares (7) Sole Voting Power 71,645

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 71,645

Reporting Person (10) Shared Dispositive Power 0

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

71,645

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

1.99%

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14. Type of Reporting Person IN

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

1. Name of Reporting Person

Paul Kim

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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 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

[_]

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

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

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

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 8,402

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 8,402

Reporting Person (10) Shared Dispositive Power 0

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

8,402

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

0.23%

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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 82,000

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 82,000

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

82,000

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

2.27%

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

14. Type of Reporting Person PN

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

1. Name of Reporting Person

MPIC Canadian Limited Partnership

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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

Vancouver, British Columbia, Canada

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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

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11. Aggregate Amount Beneficially Owned by Each Reporting Person

14,380

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

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

[_]

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

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

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

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 82,000

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 82,000

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

82,000

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

2.27%

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

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 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

[_]

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

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

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

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 96,380

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 96,380

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

96,380

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

2.67%

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

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 96,380

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 96,380

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

96,380

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

2.67%

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

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 96,380

Owned by Each (9) Sole Dispositive Power 0

Reporting Person (10) Shared Dispositive Power 96,380

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

96,380

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

2.67%

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

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 12,460

Beneficially (8) Shared Voting Power 0

Owned by Each (9) Sole Dispositive Power 12,460

Reporting Person (10) Shared Dispositive Power 0

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

11. Aggregate Amount Beneficially Owned by Each Reporting Person

12,460

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

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

[_]

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

13. Percent of Class Represented by Amount in Row 11

0.35%

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

14. Type of Reporting Person IN

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

AMENDMENT NO. 7 TO SCHEDULE 13D

The following constitutes Amendment No. 8 ("Amendment No. 8") to the Schedule 13D filed by the undersigned. Amendment No. 8 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 $744,544.

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 $596,185. 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 $277,351. 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 $41,468. 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 April 27, 2011, the Reporting Persons issued a shareholder demand letter to Issuer’s Board of Directors. A copy of the letter is attached as an exhibit hereto and incorporated herein by reference.

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 April 27, 2011, 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	128640	128640	0	3.57%
Rahul Pagidipati	3000	3000	175781	0.08%
Pagidipati Family, LP	175781	0	175781	4.88%
Devaiah and Rudrama Pagidipati	13300	13300	175781	0.37%
Kirk Anderson	71645	71645	0	1.99%
Paul Kim	6000	6000	0	0.17%
Richard and Greta Polonitza	8402	8402	0	0.23%
MPIC Fund I, LP	82000	0	82000	2.27%
MPIC Canadian LP	14380	0	14380	0.40%
G.Andrew Cooke	12460	12460	0	0.35%
Total	515,608	243,447	272,161	14.30%

^*Based on 3,605,320 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 10, 2011, for the quarter ended January 31, 2011.

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	3/2/2011	1163	Buy	$4.42
	3/8/2011	2657	Buy	$4.38

David Polonitza	3/23/2011	450	Buy	$4.35

(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.

99.2 Shareholder Demand Letter.

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 27, 2011

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 April 27, 2011, 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

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

April 27, 2011

Transmitted by Fax and Federal Express

ITEX Corporation

Board of Directors
3326 160th Avenue SE
Suite 100
Bellevue, WA 98008

Attention: Secretary

Re: Shareholder Demand Letter

Dear Board of Directors,

This letter will advise you that David Polonitza, a record owner of 200 shares and the direct beneficial owner of 128,640 (inclusive of the 200 shares owned of record) of common stock, par value $0.01 per share (the "Common Stock"), of ITEX Corporation, a Nevada corporation (the "Company"), which represents approximately 3.56% of the Common Stock outstanding. Mr. Polonitza, is also a member of the Polonitza Group, and in that capacity may be deemed to be the indirect beneficial owner of the 515,608 shares (the "Shares") of Common Stock held in the aggregate, which represents approximately 14.3% of the outstanding Common Stock (3,000 shares held by Rahul Pagidipati, 175,781 shares held by Pagidipati Family, LP, 13,300 shares held by Deviah and Rudrama Pagidipati, 71,645 shares held by Kirk Anderson, 6,000 shares held by Paul Kim, 12,460 shares held by Andrew G. Cooke, 96,380 shares held by Corner Market Capital Corp., and 8,402 shares held by Richard and Great Polonitza). Share ownership is reported as of the date hereof, and the percentages used herein are based upon 3,605,320 shares of Common Stock outstanding as of January 31, 2011 as reported in the Company's quarterly report on Form 10-Q for the period ended January 31, 2011.

Following ITEX CEO’s biggest failure in the past 5 years, the termination of the SuperMedia contract, SEC filings show that ITEX’s Directors have subsequently issued through both share grants to Company insiders and private stock sales approximately 543,250 shares, or an increase of over 15% of the existing shares outstanding. This letter will advise you that Mr. Polonitza, as a shareholder of the Company, demands ITEX’s Board of Directors respond to the following questions in line with their fiduciary duties to shareholders that ensures proper corporate governance within the Company along with Board of Director’s responsibilities to manage all aspects of corporate affairs.

1. Following the termination of the SuperMedia contract, why did the Board feel it necessary to amend the 2004 Equity Incentive Plan and authorize an additional 400,000 shares for distribution without shareholder approval? Who has received these restricted shares and under what terms where they distributed? Was a Compensation Consultant used to determine how to distribute the restricted shares within the Company’s Equity Incentive Plan or were the figures conceived arbitrarily? Were performance metrics linked to the distribution of these shares? What is the vesting schedule for these shares? If a recipient of these shares leaves the Company before they are fully vested but there is no change of control trigger that takes place, must they forfeit the unvested shares? Why has ITEX not filed an 8-K with the details regarding such a material transaction?

2. If the restricted shares were issued as a means of retaining key employees, why has the board allowed these restricted shares to immediately vest if the incumbent directors cease to constitute a majority of the members of the Board, as opposed to contingent on the termination of the employee? If the Board is concerned about employee retention, why does it not have any employment agreement with the Company’s CEO? Will ITEX be paying the taxes on these newly distributed restricted shares?

3. ITEX filed a Form D on April 8, 2011 indicating the Private market sale of $605,000 shares worth of Common Stock to 19 separate individuals. Who are these individuals, at what price did they pay for the stock? Were there any special terms provided to these 19 individuals to incentive them to purchase the shares? Why is the Company selling additional shares, when at the end of the 2^nd Quarter the Company has over $5.6 million in cash? Why couldn’t these individuals purchase these shares in the public markets?

4. The Company did not publicly disclose in its SEC filings that John Wade, an “independent” ITEX director, was serving as the Director of Finance for Mercent Corp, a Company controlled by Eric Best, ITEX’s other “independent” director until November 2010. How many years has John Wade served as Eric Best’s Director of Finance without this information being disclosed to shareholders?

5. ITEX Corporation’s Preliminary Proxy filing, filed with the SEC on October 22, 2010, stated: “The CEO of ITEX is a board member of Morse Best Incorporated (“Morse Best”), a company controlled by Mr. Best, but the CEO does not serve on that company’s compensation committee.” However, ITEX’s Definitive Proxy Statement filed with the SEC on November 4, 2010 stated: “The CEO of ITEX formerly served as an uncompensated board member of Morse Best, a company controlled by Mr. Best.” No further information was provided as to why Mr. White was no longer a board member of Morse Best. Is Mr. White no longer a board member of Morse Best? Why is Mr. White still listed as a Director of Morse Best within Morse Best’s Articles of Incorporation that is on file with the State of Washington? How long was Mr. White’s tenure as a Director of Morse Best? What was his compensation for those years, and what is his current and past ownership stakes in Morse Best? Since Eric Best has been a Director of ITEX, what is the aggregate amount of payments that Morse Best received from ITEX?

6. For fiscal years 2008, 2009, and 2010, related party transactions appear to have been $50,000, $65,000, and $92,000 respectively. How much of these amounts did John Wade and Eric Best directly or indirectly receive beyond their disclosed fees for serving as a Company Director?

7. Have any of the Director’s relatives, or their immediate family members, worked or continue to work for the Company or any of ITEX franchisees or related businesses during the past three years? If so, who are they, and what are or were the terms of their employment and compensation?

8. What other business relationships do the current Directors have that is not currently being disclosed to shareholders?

It should also be understood that neither your communications with me nor any of my communications with others will relieve the Company's management of its responsibility for providing information to public investors in compliance with applicable SEC regulations.

Please inform me within five business days as to what arrangements you propose for producing the demanded records.

Sincerely yours,

David Polonitza