-----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, P/nWQwRDvqUBeWY86dlNtSbx0g7KPbRzo7tS7G382xVPrzuyXVchgNF3jQaZVJvl UH8HkuKlnEEYpuBL4+jJmw== 0001103285-08-000005.txt : 20080213 0001103285-08-000005.hdr.sgml : 20080213 20080213101659 ACCESSION NUMBER: 0001103285-08-000005 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080213 DATE AS OF CHANGE: 20080213 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NETWORK EQUIPMENT TECHNOLOGIES INC CENTRAL INDEX KEY: 0000752431 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER COMMUNICATIONS EQUIPMENT [3576] IRS NUMBER: 942904044 STATE OF INCORPORATION: DE FISCAL YEAR END: 0328 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-39132 FILM NUMBER: 08601349 BUSINESS ADDRESS: STREET 1: 6900 PASEO PADRE PARKWAY CITY: FREMONT STATE: CA ZIP: 94555-3660 BUSINESS PHONE: 5107137300 MAIL ADDRESS: STREET 1: 6900 PASEO PADRE PARKWAY CITY: FREMONT STATE: CA ZIP: 94555-3660 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: STAFFORD CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0001103285 IRS NUMBER: 943338814 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 222 KEARNY ST STREET 2: STE 410 CITY: SAN FRANCISCO STATE: CA ZIP: 94108 BUSINESS PHONE: 4153626120 MAIL ADDRESS: STREET 1: 222 KEARNY ST STREET 2: STE 410 CITY: SAN FRANCISCO STATE: CA ZIP: 94108 SC 13G/A 1 scmnwkb13g.txt 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G/A Under the Securities Exchange Act of 1934 (Amendment No. 2) NETWORK EQUIPMENT TECHNOLOGIES ------------------------------------------------------------------------------ (Name of Issuer) Common Stock ------------------------------------------------------------------------------ (Title of Class of Securities) 641208103 ------------------------------------------- (CUSIP Number) STAFFORD CAPITAL MANAGEMENT LLC GREG BROWNE TWO EMBARCADERO CENTER SUITE 1340 SAN FRANCISCO, CA 94111 415-362-6120 ------------------------------------------------------------------------------ (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) December 31, 2007 ------------------------------------------- (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 which is the subject of this Schedule 13G, and is filing this schedule because of Rule 13d-1(e), (f) or (g), check the following box. *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 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act. 2 CUSIP NO.466096104 13G/A PAGE 2 OF 6 PAGES --------------------- ----------------- (1) NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON) STAFFORD CAPITAL MANGEMENT LLC 94-3338814 --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ X ] --------------------------------------------------------------------- (3) SEC USE ONLY --------------------------------------------------------------------- (4) SOURCE OF FUNDS* 00 --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ] IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION CALIFORNIA --------------------------------------------------------------------- (7) SOLE VOTING POWER 3,391,300 shares of Common Stock SHARES -------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER OWNED BY 0 shares of Common Stock EACH -------------------------------------------------------- REPORTING (9) SOLE DISPOSITIVE POWER PERSON WITH 3,391,300 shares of Common Stock -------------------------------------------------------- (10) SHARED DISPOSITIVE POWER 0 Shares of Common Stock -------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,391,300 shares of Common Stock --------------------------------------------------------------------- (12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.61% Common Stock --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON* IA --------------------------------------------------------------------- 2 CUSIP NO.466096104 13G/A PAGE 2 OF 6 PAGES --------------------- ----------------- (1) NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON) Craig Stephens XXX-XX-XXXX --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ X ] --------------------------------------------------------------------- (3) SEC USE ONLY --------------------------------------------------------------------- (4) SOURCE OF FUNDS* 00 --------------------------------------------------------------------- (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 --------------------------------------------------------------------- (7) SOLE VOTING POWER 706,000 shares of Common Stock SHARES -------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER OWNED BY 0 shares of Common Stock EACH -------------------------------------------------------- REPORTING (9) SOLE DISPOSITIVE POWER PERSON WITH 706,000 shares of Common Stock -------------------------------------------------------- (10) SHARED DISPOSITIVE POWER 0 Shares of Common Stock -------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 706,000 shares of Common Stock --------------------------------------------------------------------- (12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.42% Common Stock --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON* IN --------------------------------------------------------------------- 2 CUSIP NO.466096104 13G/A PAGE 2 OF 6 PAGES --------------------- ----------------- (1) NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON) Pacific Management, Ltd. 94-3024744 --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ X ] --------------------------------------------------------------------- (3) SEC USE ONLY --------------------------------------------------------------------- (4) SOURCE OF FUNDS* 00 --------------------------------------------------------------------- (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS [ ] IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION CALIFORNIA --------------------------------------------------------------------- (7) SOLE VOTING POWER 132,175 shares of Common Stock SHARES -------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER OWNED BY 0 shares of Common Stock EACH -------------------------------------------------------- REPORTING (9) SOLE DISPOSITIVE POWER PERSON WITH 132,175 shares of Common Stock -------------------------------------------------------- (10) SHARED DISPOSITIVE POWER 0 Shares of Common Stock -------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 132,175 shares of Common Stock --------------------------------------------------------------------- (12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ] --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) .45% of Common Stock --------------------------------------------------------------------- (14) IA, PN --------------------------------------------------------------------- 3 ITEM 1. SECURITY AND ISSUER. This Schedule 13G relates to the common stock, par value $0.05 per share (the "Common Stock") of Network Equipment Technologies, Inc. a Delaware corporation (the "Issuer"). The principal executive offices of the Issuer are located at 6900 Paseo Padre Parkway, Freemont CA 94555 ITEM 2. IDENTITY AND BACKGROUND. Stafford Capital Management LLC, Registered Investor Advisor acting under the Advisors Act of 1940. (f) United States. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Stafford Capital Management, LLC (SCM) is reporting shares cumulatively held in investment advisory client accounts,accounts of officers of the company, and shares held in a separately managed (by the officers of SCM)and registered partnership. This statement is filed pursuant to Rule 13G and the party filing is an Investment Advisor registered under the section 203 of the Investment Advisors Act of 1940. SCM disclaims direct beneficial ownership of all such securities. Each client, company officer, and the separately managed partnership (Pacific Asset Partners),has the right to receive dividends,and/or proceeds from the sale of securities. Pacific Management, Ltd., the registered Advisor of Pacific Asset Partners disclaims any direct beneficial ownership of all such securities, except to the extent of their respective pecuniary interest therein. Pacific Management, Ltd. and Craig Stephens are filing jointly with SCM, but not as members of a group, and expressley disclaim membership in a group. To the knowledge and information available to SCM at the date of this filing,the advisoracknowledges that no one client, company officer, or the partnership has an interest in 5% or more of the securities identified hereinabove. 3 4 ITEM 4. PURPOSE OF TRANSACTION. ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER. (a) SCM is filing for and on behalf of 3,391,300 shares held cumulatively in investment advisory client accounts, company officer accounts, and a separately managed (by the officers of SCM) and registered partnership. (b) SCM is filing as indirect owner of the following number of shares of Common Stock with: Sole Voting Power: 3,391,300 shares of Common Stock Shared Voting Power: 0 Sole Dispositive Power: 3,391,300 shares of Common Stock Shared Dispositive Power: 0 (c) N/A (d) N/A (e) N/A 4 5 ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS, OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. None ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. None SIGNATURE 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. /s/ Gregory W. Browne -------------------------------------------- GREGORY W. BROWNE Vice President Operations & Trading Stafford Capital Management, LLC /s/ Craig Stephens ------------------------------------------- Craig Stephens /s/ Robert M. Stafford -------------------------------------------- General Partner Pacific Management, Ltd. Date: February 13, 2008 ---------------- Note: Please refer to attached Exhibit A. Exhibit A - Breakdown of Shares Stafford Capital Management, LLC: Investment Advisory Clients - 2,482,025 shares Company Officers Stafford Family Trust - 71,100 shares Craig Stephens & Family* Craig Stephens 165,000 shares Craig Stephens IRA 370,000 shares Sara Stephens (wife) 125,000 shares John Stephens (son) 16,000 shares Sara Stephens (daughter) 14,000 shares Clark Stephens (son) 16,000 shares TOTAL Stephens Family: 706,000 shares Pacific Management, Ltd. Pacific Asset Partners 132,175 shares TOTAL SHARES REPORTED: 3,391,300 shares * Craig Stephens has voting control over related family accounts. -----END PRIVACY-ENHANCED MESSAGE-----