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
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 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*
GUEZ HUBERT
(Last) (First) (Middle)
C/O DIVERSIFIED APPAREL RESOURCES, LLC
5804 E. SLAUSON AVENUE
(Street)
COMMERCE CA 90040
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CYGNE DESIGNS INC [ CYDS.OB ] 		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)
06/01/2007
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)
Code V Amount (A) or (D) Price
Common Stock 06/01/2007 J(1) 584,220 D (1) 0 I By Griffin James Aron Guez Irrevocable Trust dated January 1, 1996(1)
Common Stock 06/01/2007 J(2) 584,220 D (2) 0 I By Stephan Avner Felix Guez Irrevocable Trust dated January 1, 1996(2)
Common Stock 04/13/2005 J(3) 45,000 D (3) 4,381,420 D
Common Stock 7,423,711 I See Footnote(4)
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
Explanation of Responses:
1. The Griffin James Aron Guez Irrevocable Trust dated January 1, 1996 (the "Griffin Guez Trust") owns 584,220 shares of the Company's Common Stock. Effective June 1, 2007, JFJ Holdings, LLC, a Tennessee limited liability company (the "Trustee"), was appointed as trustee of the Griffin Guez Trust in replacement of Marguerite Esther Guez, who resides in the Reporting Person's household. The Reporting Person no longer may be deemed to beneficially own the shares held by the Griffin Guez Trust. The Reporting Person disclaims beneficial ownership of the shares held by the Griffin Guez Trust.
2. The Stephan Avner Felix Guez Irrevocable Trust dated January 1, 1996 (the "Stephan Guez Trust") owns 584,220 shares of the Company's Common Stock. Effective June 1, 2007, the Trustee, was appointed as trustee of the Stephan Guez Trust in replacement of Stephan Guez, the Reporting Person's son. Thus, the Reporting Person no longer may be deemed to beneficially own the shares held by the Stephan Guez Trust. The Reporting Person disclaims beneficial ownership of the shares owned by the Stephan Guez Trust.
3. Reflects 45,000 shares inadvertently included in the Reporting Person's previous filings as being directly held by him when in fact such shares are held directly by the Guez Living Trust dated December 6, 1996 (the "Guez Living Trust"). Because the Reporting Person is co-trustee, along with his spouse Roxanne Guez, of the Guez Living Trust, the Reporting Person may be deemed to beneficially own the 45,000 shares held by the Guez Living Trust. The Reporting Person disclaims beneficial ownership of the shares held by the Guez Living Trust except to the extent of his pecuniary interest therein.
4. Consists of 1,615,915 shares held by the Guez Living Trust, 1,379,225 shares held by 215 GZ Partners and 4,428,571 shares held by Diversified Apparel Resources, LLC ("Diversified"). The Reporting Person may be deemed to beneficially own the shares held by Diversified, the Guez Living Trust and 215 GZ Partners but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
Remarks:
/s/ Hubert Guez 08/20/2007
** 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.