SEC FORM 4

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^*

WARNOCK DAVID L

(Last)

(First)

(Middle)

C/O CAMDEN PARTNERS LLC

500 EAST PRATT STREET, SUITE 1200

(Street)

BALTIMORE

21202

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
TOUCHSTONE APPLIED SCIENCE ASSOCIATES INC /NY/ [ TASA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/09/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $.0001	11/09/2006		M		1,250⁽¹⁾	A	$2.876	0	D
Common Stock, par value $.0001	11/09/2006		M		625⁽¹⁾	A	$2	0	D
Common Stock, par value $.0001	11/09/2006		M		2,500⁽¹⁾	A	$3.188	0	D
Common Stock, par value $.0001	11/09/2006		M		2,500⁽¹⁾	A	$0.6875	0	D
Common Stock, par value $.0001	11/09/2006		M		2,500⁽¹⁾	A	$1	9,375	D
Common Stock, par value $.0001	11/09/2006⁽²⁾		M		0⁽²⁾	A	$0⁽²⁾	625,699	I	*⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Right to Buy, Common Stock, par value $.0001	$2.876	11/09/2006		M			1,250	10/28/1999	10/28/2008	Common Stock	1,250	$0	0	D
Right to Buy, Common Stock, par value $.0001	$2	11/09/2006		M			625	03/04/2000	03/04/2009	Common Stock	625	$0	0	D
Right to Buy, Common Stock, par value $.0001	$3.188	11/09/2006		M			2,500	03/31/2001	03/31/2010	Common Stock	2,500	$0	0	D
Right to Buy, Common Stock, par value $.0001	$0.6875	11/09/2006		M			2,500	03/30/2002	03/30/2011	Common Stock	2,500	$0	0	D
Right to Buy, Common Stock, par value $.0001	$1	11/09/2006		M			2,500	03/20/2003	03/20/2012	Common Stock	2,500	$0	0	D

Explanation of Responses:

1. Acquired upon exercise of options granted pursuant to the Directors Stock Option Plan, as amended.

2. Represents shares already owned by Cahill Warnock Strategic Partners Fund, L.P. and Strategic Partners, L.P., the general partner of each of which is Cahill, Warnock Strategic Partners, L.P. Mr. Warnock is one of the general partners of Cahill, Warnock Strategic Parners, L.P.

	David L. Warnock	11/13/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.