UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b)(c),
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
(Amendment No. 2)
Congnitronics Corporation
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(Name of Issuer)
Common Stock, $.20 par value per share
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(Title of Class of Securities)
192432102
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(CUSIP Number)
[ November 6, 2006 ]
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
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CUSIP No.___________ 13G Page 2 of 9 Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Strategic Turnaround Equity Partners, LP (Cayman)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_] (b) [X]
Joint Filer
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF 5. SOLE VOTING POWER
SHARES 0
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BENEFICIALLY 6. SHARED VOTING POWER
335,725
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON 8. SHARED DISPOSITIVE POWER
WITH 335,725
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
335,725
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[-]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.05%
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12. TYPE OF REPORTING PERSON*
PN
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CUSIP No.___________ 13G Page 3 of 9 Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Bruce Galloway ("Galloway")
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_] (b) [X]
Joint Filer
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES 92,100
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BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 463,832
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 92,100
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PERSON 8. SHARED DISPOSITIVE POWER
WITH 463,832
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
555,932(1)
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[-]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.38%
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12. TYPE OF REPORTING PERSON*
IN
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(2) Reflects (i) 92,100 shares of the Common Stock are owned by Mr. Galloway,
(ii) 4,000 shares of the Common Stock held by Mr. Galloway's child for which Mr.
Galloway has the power to vote and dispose, (iii) 21,100 shares of the Common
Stock are owned by RexonGalloway Capital Growth, an investment company in which
Mr. Galloway is a 50% owner ("RexonGalloway")and for which Mr. Galloway retains
full investment and voting discretion and (iv) 103,007 shares of the Common
Stock are owned by Jacombs Investment Inc., which Mr. Galloway is an officer and
primary shareholder and (v) 335,725 shares of Common Stock held by Strategic
Turnaround Equity Partners, LP Cayman ("STEP"). Mr. Galloway is a managing
member and the majority equity holder of Galloway Capital Management, LLC, the
general partner of STEP. Mr. Galloway disclaims beneficial ownership of the
shares of Common Stock directly beneficially owned by STEP (except for (i)
indirect interests therein by virtue of being a member of Galloway Capital
Management LLC, and (ii) the indirect interests of Mr. Galloway by virtue of
being a limited partner of STEP).
CUSIP No.___________ 13G Page 4 of 9 Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Gary Herman ("Herman")
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_] (b) [X]
Joint Filer
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 5. SOLE VOTING POWER
SHARES 2,500
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BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 336,725
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EACH 7. SOLE DISPOSITIVE POWER
REPORTING 2,500
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PERSON 8. SHARED DISPOSITIVE POWER
WITH 336,725
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
339,225(1)
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[-]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.10%
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12. TYPE OF REPORTING PERSON*
IN
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(2) Reflects (i) 2,500 owned by Mr. Herman directly, (ii) 1,000 shares of Common
Stock held by FBR, Inc. and (iii) 335,725 shares owned by STEP. Mr. Herman is an
officer of FBR which has authorized Mr. Herman to vote and dispose of the shares
of Common Stock held by FBR, Inc. Mr. Herman is a managing member of Galloway
Capital Management, LLC, the general partner of STEP. Mr. Herman disclaims
beneficial ownership of the shares of Common Stock directly beneficially owned
by STEP(except for indirect interests of therein by virtue of being a member of
Galloway Capital Management LLC).
CUSIP No.________ 13G Page 5 of 9 Pages
Item 1(a). Name of Issuer:
Cognitronics Corporation (the "Issuer")
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Item 1(b). Address of Issuer's Principal Executive Offices:
3 Corporate Drive
Danbury, CT 06810
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Item 2(a). Name of Persons Filing:
Bruce Galloway
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Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business address for Galloway is
c/o Galloway Capital Management, LLC, 720 Fifth Avenue, 10th floor New York,
New York 10019.
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Item 2(c). Citizenship:
Galloway is a citizen of the United States.
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Item 2(d). Title of Class of Securities:
This statement on Schedule 13G is being filed with
respect to Common Stock, $0.001 par value
per share (the "Common Stock") of the Issuer.
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Item 2(e). CUSIP Number:
192432102
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Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a: Not Applicable.
(a) [_] Broker or dealer registered under Section 15 of the Exchange
Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) [_] Investment company registered under Section 8 of the
Investment Company Act.
(e) [_] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). (1)
CUSIP No.________ 13G Page 6 of 9 Pages
Item 1(a). Name of Issuer:
Cognitronics Corporation (the "Issuer")
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Item 1(b). Address of Issuer's Principal Executive Offices:
3 Corporate Drive
Danbury, CT 06810
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Item 2(a). Name of Persons Filing:
Gary Herman ("Herman")
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Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business address for Herman is
c/o Galloway Capital Management, LLC, 720 Fifth Avenue, 10th floor New York,
New York 10019.
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Item 2(c). Citizenship:
Herman is a citizen of the United States.
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Item 2(d). Title of Class of Securities:
This statement on Schedule 13G is being filed with
respect to Common Stock, $0.001 par value per share (the "Common Stock") of the
Issuer.
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Item 2(e). CUSIP Number:
192432102
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Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a: Not Applicable.
(a) [_] Broker or dealer registered under Section 15 of the Exchange
Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) [_] Investment company registered under Section 8 of the
Investment Company Act.
(e) [_] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No.________ 13G Page 7 of 9 Pages
Item 1(a). Name of Issuer:
Cognitronics Corporation (the "Issuer")
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Item 1(b). Address of Issuer's Principal Executive Offices:
3 Corporate Drive
Danbury, CT 06810
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Item 2(a). Name of Persons Filing:
Strategic Turnaround Equity Partners, LP (Cayman)
("STEP")
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Item 2(b). Address of Principal Business Office, or if None, Residence:
The principal business address for STEP is
c/o Stuarts Corporate Services, Ltd, P.O. Box 2510 GT, 4th floor, One Cayman
Financial Centre, 36A Dr. Roy's Drive, Georgetown, Grand Cayman, Cayman Island.
STEP is managed by Galloway Capital Management, LLC, with its principal business
at 720 Fifth Avenue, 10th floor, New York, New York 10019.
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Item 2(c). Citizenship:
STEP is a limited partnership formed under the laws
of the Cayman Islands.
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Item 2(d). Title of Class of Securities:
This statement on Schedule 13G is being filed with
respect to Common Stock, $0.001 par value per share (the "Common Stock") of the
Issuer.
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Item 2(e). CUSIP Number:
192432102
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Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a: Not Applicable.
(a) [_] Broker or dealer registered under Section 15 of the Exchange
Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) [_] Investment company registered under Section 8 of the
Investment Company Act.
(e) [_] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No.__________ 13G Page 8 of 9 Pages
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
The information in items 1 and 5 through 11 on the
cover page on this Schedule 13G is hereby incorporated by reference.
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(b) Percent of class:
The information in items 1 and 5 through 11 on the
cover page on this Schedule 13G is hereby
incorporated by reference.
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(c) Number of shares as to which such person has:
The information in items 1 and 5 through 11 on each cover page
of this Schedule 13G is hereby incorporated by reference.
The purpose of this Amendment No. 3 is to reflect (i)
Strategic Turnaround Equity Partners, LP (Cayman) ("STEP") acquiring 92,975
shares of Common Stock through open market purchases; (ii) the sale of 30,100
shares of Common Stock by Mr. Galloway; (iii) the purchase by Mr. Galloway's
spouse of 11,300 shares of Common Stock by Mr. Galloway; (iii) the additional
purchase of 9,300 shares of Common Stock by RexonGalloway; and (iv) the
additional purchase of 45,100 shares of Common Stock by Jacombs Investment Inc.
Galloway Capital Management, LLC, a Delaware limited liability company, is the
general partner of STEP. Mr. Galloway and Gary Herman, each of whom are citizens
of the United States , are the managing members of Galloway Capital Management,
LLC, and Mr. Galloway owns (A) a majority of the membership interests in
Galloway Capital Management, LLC. Mr. Galloway owns approximately 20% of the
partnership interests in STEP as of December 1, 2006.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities check the following [ ].
Not Applicable
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Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
As set forth in Item 4(c), some of the shares of
Common Stock covered by this Schedule 13G are
owned by persons other than Galloway, none of whom, holds five percent or more
of the securities reported herein.
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Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or Control
Person.
Not Applicable
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Item 8. Identification and Classification of Members of the Group.
Not Applicable
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Item 9. Notice of Dissolution of Group.
Not Applicable.
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Item 10. Certifications.
(a) The following certification shall be included if the statement is
filed pursuant to Rule 13d-1(c):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above 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.
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.
Dated: December 15, 2006
Strategic Turnaround Equity Partners,LP (Cayman)
By: /s/ Gary Herman
Name: Gary Herman
Title:Managing Member of Galloway
Capital Management, LLC, the
Investment Advisor of Strategic
Turnaround Equity Partners, (Cayman) LP
Galloway Capital Management, LLC
By: /s/ Gary Herman
Name: Gary Herman
Title: Managing Member
By: ____________________________
Bruce Galloway
By:_____________________________
Gary Herman