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
GREYSTONE LOGISTICS, INC. [ GLGI ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 11/28/2006 | ||||||||||||||||||||||||||
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 | 11/28/2006 | S | 20,000 | D | $0.22 | 1,232,584 | D | |||
Common Stock | 1,767,014(1)(2)(6) | I | 100% LLC Owned | |||||||
Common Stock | 25,000 | I | Child | |||||||
Common Stock | 25,000 | I | Child |
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 | ||||||||
Stock Option (Right to Buy) | $1.6 | 06/26/2002 | A | V | 25,000 | (3) | 06/25/2012 | Common Stock | 25,000 | $0 | 25,000 | D | |||
Stock Option (Right to Buy) | $2 | 05/11/2001 | 05/10/2011 | Common Stock | 50,000 | 50,000 | D | ||||||||
Stock Option (Right to Buy) | $3.125 | (3) | 04/10/2012 | Common Stock | 150,000 | 150,000 | D | ||||||||
2001 Conv. Preferred Stock (Right to Buy)(4) | $1.43 | 01/04/2002 | J(5) | 1,234,114 | (7) | (7) | Common Stock | 1,234,114 | $0 | 176,302 | I | 100% LLC Owned | |||
Warrants (Right to Buy) | $5(1) | 01/04/2002 | J(5) | 1,057,813 | (7) | (7) | Common Stock | 1,057,813 | $0 | 1,057,813 | I | 100% LLC Owned |
Explanation of Responses: |
1. On June 26, 2002, Greystone declared a prorata stock dividend of 272,775 shares of common stock to the Company's Preferred Shareholders. As a result the reporting person indirectly received 64,122 shares of stock. |
2. On October 17, 2002, Greystone declared a non-prorata stock dividend of 92,376 shares of common stock to the Company's Preferred Shareholders. As a result, the reporting person indirectly received 35,164 shares of common stock. |
3. 25% per year, beginning one year after date of grant. |
4. The 2001 Convertible Preferred Stock is Greystone's Series 2001 12% Cumulative Convertible Senior Preferred Stock. |
5. To reflect the change in ownership from one LLC 100% owned by reporting person to another LLC 100% owned by reporting person. |
6. Shares issued in lieu of interest payments or outstanding loan from the company in favor of reporting person. |
7. N/A |
/s/ Paul A. Kruger | 11/30/2006 | |
** 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. |