SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* CN-SCH, LLC (Last) (First) (Middle) 900 THIRD AVENUE, 19TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Selway Capital Acquisition Corp. [ SWCA ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 12/20/2011
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series C Common Stock	12/20/2011		J(1)		33,750(1)	D	$0.00	225,000(2)	I	Through Selway Capital Holdings LLC(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* CN-SCH, LLC (Last) (First) (Middle) 900 THIRD AVENUE, 19TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Bounty Investments, LLC (Last) (First) (Middle) 900 THIRD AVENUE, 19TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Santa Maria Overseas Ltd. (Last) (First) (Middle) 2ND TERRACE WEST (Street) CENTREVILLE, NASSAU C5 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Mayflower Trust (Last) (First) (Middle) C/O RENOVA U.S. MANAGEMENT LLC 900 THIRD AVENUE, 19TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* TZ Columbus Services Ltd (Last) (First) (Middle) PASEA ESTATE , P.O.BOX 958 (Street) ROAD TOWN, TORTOLA D8 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Represents 33,750 shares of Series C common stock that have been redeemed by the Issuer.

2. The Reporting Persons have an indirect pecuniary interest in 225,000 shares of common stock of the Issuer through Selway Capital Holdings LLC, which owns an aggregate of 500,000 shares of common stock of the Issuer. The number of shares beneficially owned by the Reporting Persons represent the extent to which the Reporting Persons have a pecuniary interest in the shares owned by Selway Capital Holdings LLC. Each reporting entity disclaims beneficial ownership of the reported securities except to the extent of the entity's pecuniary interest in them.

Remarks:

The securities reported on this Form 4 report are directly held by Selway Capital Holdings LLC. CN-SCH LLC ("CN-SCH") is a member of Selway Capital Holdings LLC. Bounty Investments, LLC ("Bounty") owns 100% of the equity interests of CN-SCH, LLC. Santa Maria Overseas Ltd. owns 80% of the equity interests of Bounty. Mayflower Trust owns 100% of the equity interests of Santa Maria Overseas Ltd. TZ Columbus Services Limited is the trustee of Mayflower Trust. Andrew Intrater is the Chief Executive Officer of each of Bounty and CN-SCH and a director of the Issuer.

	CN-SCH, LLC, /s/ Andrew Intrater, Chief Executive Officer	12/21/2011
	BOUNTY INVESTMENTS, LLC, /s/ Andrew Intrater, Chief Executive Officer	12/21/2011
	SANTA MARIA OVERSEAS LTD., /s/ Andrew Intrater, Attorney-in-fact	12/21/2011
	MAYFLOWER TRUST, /s/ Andrew Intrater, Attorney-in-fact	12/21/2011
	TZ COLUMBUS SERVICES LTD., /s/ Andrew Intrater, Attorney-in-fact	12/21/2011
	** Signature of Reporting Person	Date
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