SC 13G 1 form13g1206.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 KMG America Corporation (Name of Issuer) Common Stock (Title of Class of Securities) 482563103 (CUSIP Number) 12-31-06 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ x] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) The information required in 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 (however, see the Notes). Schedule 13 G Item 1 (a) KMG America Corporation (b) 12600 Whitewater Drive, Suite 150 Minnetonka, Minnesota 55343 Item 2 (a) Corbyn Investment Management, Inc., et al. (b) Suite 108 2330 W. Joppa Road Lutherville, Maryland 21093 (c) Incorporated in the State of Maryland (d) Common Stock (e) 482563103 Item 3(j) The filer is a group consisting of an Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940 and an Investment Company registered under Section 8 of the Investment Company Act. Item 4 (a) 1,201,025 (b) 5.4% (c) (i) Sole power to vote or direct the vote of all 1,201,025 shares (iii) Sole power to dispose of or direct the disposition of all 1,201,025 shares Item 5 N/A Item 6 N/A Item 7 N/A Item 8 (a) The group consists of an Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940 (IA) and an Investment Company registered under Section 8 of the Investment Company Act (IV). Item 9 N/A Schedule 13 G Item 1 (a) KMG America Corporation (b) 12600 Whitewater Drive, Suite 150 Minnetonka, Minnesota 55343 Item 2 (a) Corbyn Investment Management, Inc. (b) Suite 108 2330 W. Joppa Road Lutherville, Maryland 21093 (c) Incorporated in the State of Maryland (d) Common Stock (e) 482563103 Item 3 (e) An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); Item 4 (a) 503,925 (b) 2.3% (c) (i) Sole power to vote or direct the vote of all 503,925 shares (iii) Sole power to dispose of or direct the disposition of all 503,925 shares Item 5 N/A Item 6 N/A Item 7 N/A Item 8 N/A Item 9 N/A Schedule 13 G Item 1 (a) KMG America Corporation (b) 12600 Whitewater Drive, Suite 150 Minnetonka, Minnesota 55343 Item 2 (a) Greenspring Fund, Inc. (b) Suite 110 2330 W. Joppa Road Lutherville, Maryland 21093 (c) Incorporated in the State of Maryland (d) Common Stock (e) 482563103 Item 3 (d) Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). Item 4 (a) 697,100 (b) 3.1% (c) (i) Sole power to vote or direct the vote of all 697,100 shares (iii) Sole power to dispose of or direct the disposition of all 697,100 shares Item 5 N/A Item 6 N/A Item 7 N/A Item 8 N/A Item 9 N/A Item 10 By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. 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. Signature Karla K. Moore, CCO January 4, 2007 CUSIP No 482563103 13G 1. Name of Reporting Person IRS Identification No. of Above Person Corbyn Investment Management, Inc. et al n/a 2. Check The Appropriate Box If A Member Of A Group (a) [x] (b) [ ] 3. SEC Use Only 4. Citizenship or Place of Organization Suite 108 2330 W. Joppa Rd. Lutherville, MD 21093 Number Of 5. Sole Voting Power Shares 1,201,025 Beneficially 6. Shared Voting Power Owned By Each 7. Sole Dispositive Power Reporting 1,201,025 Person With 8. Shared Dispositive Power 9. Aggregate Amount Beneficially Owned By Each Reporting Person 1,201,025 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares [ ] 11. Percent Of Class Represented By Amount In Row 9 5.4% 12. Type Of Reporting Person 00- Group Consisting of IA and IV CUSIP No. 482563103 13G 1. Name of Reporting Person IRS Identification No. of Above Person Corbyn Investment Management, Inc. 52-0964322 2. Check The Appropriate Box If A Member Of A Group (a) [x] (b) [ ] 3. SEC Use Only 4. Citizenship or Place of Organization Suite 108 2330 W. Joppa Rd. Lutherville, MD 21093 Number Of 5. Sole Voting Power Shares 503,925 Beneficially 6. Shared Voting Power Owned By Each 7. Sole Dispositive Power Reporting 503,925 Person With 8. Shared Dispositive Power 9. Aggregate Amount Beneficially Owned By Each Reporting Person 503,925 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares [ ] 11. Percent Of Class Represented By Amount In Row 9 2.3% 12. Type Of Reporting Person IA CUSIP No. 482563103 13G 1. Name of Reporting Person IRS Identification No. of Above Person Greenspring Fund, Inc. 52-1267740 2. Check The Appropriate Box If A Member Of A Group (a) [x] (b) [ ] 3. SEC Use Only 4. Citizenship or Place of Organization Suite 110 2330 W. Joppa Rd. Lutherville, MD 21093 Number Of 5. Sole Voting Power Shares 697,100 Beneficially 6. Shared Voting Power Owned By Each 7. Sole Dispositive Power Reporting 697,100 Person With 8. Shared Dispositive Power 9. Aggregate Amount Beneficially Owned By Each Reporting Person 697,100 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares [ ] 11. Percent Of Class Represented By Amount In Row 9 3.1% 12. Type Of Reporting Person IV