| 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
AURA SYSTEMS INC [ auraq ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 09/30/2005 | ||||||||||||||||||||||||||
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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 | ||||||
| Aura Systems, Inc. | 09/30/2005 | S | 47,070 | D | $0.012 | 23,695,618 | I | See Notes 1,2,3 & 5(1)(2)(3)(4)(5) | ||
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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 | ||||||||
1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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| Explanation of Responses: |
| 1. The Reporting Persons are ICM Asset Management, Inc. ("ICM"), a Washington corporation and SEC-registered investment adviser, Koyah Ventures, LLC, a Delaware limited liability company ("Koyah Ventures"), James M. Simmon, Koyah Leverage Partners, L.P. ("Koyah Leverage") and Koyah Partners, L.P. ("Koyah Partners"), each a Delaware limited partnership, and collectively, the "Partnership". ICM is the investment adviser to and Koyah Ventures is the general partner of, investment limited partnership, including the Partnerships. ICM is also the investment adviser to other client accounts. Mr. Simons is the manager of Koyah Ventures and is the CEO and majority shareholder of ICM. |
| 2. Mr. Simmons, ICM and Koyah Ventures are filing this Form 4 jointly as a group, but disclaim membership in a group with any other person within the meaning of Rule 13d-5(b)(i) and Rule 16a-1(a)(1) under the Securities Exchange Act of 1934, as amended. The Partnerships are filing this report jointly with the other Reporting Person, but not as members of a group, and each expressly disclaims membership in a group, within the meaning of Rule 13d-5(b)(i) and Rule 16a-1(a)(1), with any other person. |
| 3. These securities are held directly by investment advisory accounts of ICM, including the parthership and other investment limited partnerships of which ICM is the investment adviser and Koyah Ventures is the general partner. They are held indirectly by ICM, Koyah Ventures and Mr. Simmons. The Reporting Person, except for the Partnerships, disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interests therein. The filing of this Form 4 on behalf of either of the Partnerships should not be construed as an admission that it is, and each disclaims that it is, the beneficial owner defined in Rule 13d-3 under the Exchange Act of any of the securities covered by this Form 4. No client account of ICM, other than the Partnerships, owns more than ten percent of the outstanding stock of the issuer. |
| 4. The Issuer's Certificate of Incorporation entitled the holders of the Series B Cumulative Convertible Preferred Stock ("Series B Stock"), including the Reporting Persons to elect four of the Issuer's directors for as long as the Series B Stock is outstanding. Under a Shareholder Agreement among the holders of the Series B Stock (the "Series B Shareholders"), the Series B Shareholders agreed, among other things, to use their best efforts to cause the size of the Issuer's Board of Directors to remain set at seven directors at all times and that Koyah Leverage has the right to elect one of the four directors that the Series B Shareholders are entitled to elect. Billy R. Anders is Koyah Leverage's designated director. Koyah Leverage's right to elect one of the Issuer's directors could cause the Reporting Persons to be deemed insiders of the Issuer even if they did not collectively hold more than 10% of the outstanding common stock. |
| 5. These securities were sold by a separate investment advisory account of ICM and in connection therewith instructed ICM to make such sale. These securities therefore were sold on a non-discretionary basis. ICM had no pecuniary interest in such securities or the proceeds from the sale thereof and disclaims any beneficial ownership interest in such securities or proceeds. |
| ICM Asset Management, Inc., By: Robert J. Law, Executive Vice President | 09/30/2005 | |
| Koyah Leverage Partner, L.P., By: Koyah Ventures, LLC, General Partner, By: Robert J. Law, Executive Vice President | 09/30/2005 | |
| Koyah Partners, L.P., By: Koyah Ventures, LLC, General Partner, By: Robert J. Law, Executive Vice President | 09/30/2005 | |
| Koyah Ventures, LLC, By: Robert J. Law, Executive Vice President | 09/30/2005 | |
| James M. Simmons | 09/30/2005 | |
| ** 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. | ||