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*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
CYGNE DESIGNS INC [ CYDS ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 12/31/2007 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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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 | 12/31/2007 | S(1) | 2,000,000(1) | D | $1(1) | 2,428,571 | I | Diversified Apparel Resources, LLC(1) | ||
Common Stock | 12/31/2007 | S(2) | 1,428,571(2) | D | $1(2) | 1,000,000 | I | Diversified Apparel Resources, LLC(2) | ||
Common Stock | 4,381,420 | D | ||||||||
Common Stock | 2,995,140 | I | See Footnote(3) |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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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. Diversified Apparel Resources, LLC ("Diversified"), of which the Reporting Person is a member, transferred 2,000,000 shares to an unrelated party in a private transaction. The Reporting Person may be deemed to beneficially own the shares held by Diversified but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. |
2. Diversified, of which the Reporting Person is a member, transferred 1,428,571 shares to an unrelated party in a private transaction. The Reporting Person may be deemed to beneficially own the shares held by Diversified but disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. |
3. Consists of 1,615,915 shares held by the Guez Living Trust dated December 6, 1996 (the "Trust") and 1,379,225 shares held by 215 GZ Partners, which the Trust has a 33.34% ownership interest in. Effective December 20, 2007, the Reporting Person resigned as co-Trustee of the Trust; however, because the remaining sole trustee of the Trust is the Reporting Person's wife who resides in the same household as the Reporting Person, the Reporting Person may be deemed to beneficially own the shares held by the Trust but disclaims beneficial ownership of such shares. |
Remarks: |
/s/ Hubert Guez | 01/03/2008 | |
** 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. |