Schedule 13G Amendment No. 1

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M6Y5kZRYfwOBdNNNuKNh34ylcKu8CdYChbTzXNrVKPifK9AMfMdFxoL431mmDa5D 7SXVRMZkSGDup7DSVWoalw== 0001193125-07-027485.txt : 20070213 0001193125-07-027485.hdr.sgml : 20070213 20070212172313 ACCESSION NUMBER: 0001193125-07-027485 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070212 DATE AS OF CHANGE: 20070212 GROUP MEMBERS: FLAGG STREET OFFSHORE, LP GROUP MEMBERS: FLAGG STREET PARTNERS LP GROUP MEMBERS: FLAGG STREET PARTNERS QUALIFIED LP GROUP MEMBERS: JONATHAN STARR SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: UNITED WESTERN BANCORP INC CENTRAL INDEX KEY: 0000944725 STANDARD INDUSTRIAL CLASSIFICATION: MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162] IRS NUMBER: 841233716 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-47981 FILM NUMBER: 07604454 BUSINESS ADDRESS: STREET 1: 700 17TH STREET STREET 2: SUITE 2100 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3035959898 MAIL ADDRESS: STREET 1: 700 17TH STREET STREET 2: SUITE 2100 CITY: DENVER STATE: CO ZIP: 80202 FORMER COMPANY: FORMER CONFORMED NAME: MATRIX BANCORP INC DATE OF NAME CHANGE: 19990105 FORMER COMPANY: FORMER CONFORMED NAME: MATRIX CAPITAL CORP /CO/ DATE OF NAME CHANGE: 19960711 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Flagg Street Capital LLC CENTRAL INDEX KEY: 0001321850 IRS NUMBER: 743123494 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 44 BRATTLE STREET CITY: CAMBRIDGE STATE: MA ZIP: 02138 BUSINESS PHONE: 617-876-6085 MAIL ADDRESS: STREET 1: 44 BRATTLE STREET CITY: CAMBRIDGE STATE: MA ZIP: 02138 SC 13G/A 1 dsc13ga.htm SCHEDULE 13G AMENDMENT NO. 1 Schedule 13G Amendment No. 1


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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

United Western Bancorp Inc.

(Name of Issuer)

Common Stock ($0.0001 par value)

(Title of Class of Securities)

913201109

(CUSIP Number)

December 31, 2006

(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)

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

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).


CUSIP No. 913201109		13G		Page 2 of 9 Pages


1.		Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).

		Jonathan Starr
2.		Check the Appropriate Box if a Member of a Group (See Instructions)
		(a) x
		(b) ¨
3.		SEC Use Only

4.		Citizenship or Place of Organization

		USA


Number of Shares Beneficially Owned by Each Reporting Person With		5. Sole Voting Power

		724,922
		6. Shared Voting Power

		0
		7. Sole Dispositive Power

		724,922
		8. Shared Dispositive Power

		0


9.	Aggregate Amount Beneficially Owned by Each Reporting Person

	724,922
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)	¨

11.	Percent of Class Represented by Amount in Row (9)

	9.6%
12.	Type of Reporting Person (See Instructions)

	IN


CUSIP No. 913201109		13G		Page 3 of 9 Pages


1.		Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).

		Flagg Street Capital LLC I.R.S. Identification No. 74-3123494
2.		Check the Appropriate Box if a Member of a Group (See Instructions)
		(a) x
		(b) ¨
3.		SEC Use Only

4.		Citizenship or Place of Organization

		Delaware


Number of Shares Beneficially Owned by Each Reporting Person With		5. Sole Voting Power

		724,922
		6. Shared Voting Power

		0
		7. Sole Dispositive Power

		724,922
		8. Shared Dispositive Power

		0


9.	Aggregate Amount Beneficially Owned by Each Reporting Person

	724,922
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)	¨

11.	Percent of Class Represented by Amount in Row (9)

	9.6%
12.	Type of Reporting Person (See Instructions)

	IA


CUSIP No. 913201109		13G		Page 4 of 9 Pages


1.		Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).

		Flagg Street Partners LP I.R.S. Identification No. 16-1702721
2.		Check the Appropriate Box if a Member of a Group (See Instructions)
		(a) x
		(b) ¨
3.		SEC Use Only

4.		Citizenship or Place of Organization

		Delaware


Number of Shares Beneficially Owned by Each Reporting Person With		5. Sole Voting Power

		65,373
		6. Shared Voting Power

		0
		7. Sole Dispositive Power

		65,373
		8. Shared Dispositive Power

		0


9.	Aggregate Amount Beneficially Owned by Each Reporting Person

	65,373
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)	¨

11.	Percent of Class Represented by Amount in Row (9)

	0.9%
12.	Type of Reporting Person (See Instructions)

	PN


CUSIP No. 913201109		13G		Page 5 of 9 Pages


1.		Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).

		Flagg Street Partners Qualified LP I.R.S. Identification No. 16-1702722
2.		Check the Appropriate Box if a Member of a Group (See Instructions)
		(a) x
		(b) ¨
3.		SEC Use Only

4.		Citizenship or Place of Organization

		Delaware


Number of Shares Beneficially Owned by Each Reporting Person With		5. Sole Voting Power

		181,387
		6. Shared Voting Power

		0
		7. Sole Dispositive Power

		181,387
		8. Shared Dispositive Power

		0


9.	Aggregate Amount Beneficially Owned by Each Reporting Person

	181,387
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)	¨

11.	Percent of Class Represented by Amount in Row (9)

	2.4%
12.	Type of Reporting Person (See Instructions)

	PN


CUSIP No. 913201109		13G		Page 6 of 9 Pages


1.		Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).

		Flagg Street Offshore, LP I.R.S. Identification No. 16-1702723
2.		Check the Appropriate Box if a Member of a Group (See Instructions)
		(a) x
		(b) ¨
3.		SEC Use Only

4.		Citizenship or Place of Organization

		Cayman Islands


Number of Shares Beneficially Owned by Each Reporting Person With		5. Sole Voting Power

		478,162
		6. Shared Voting Power

		0
		7. Sole Dispositive Power

		478,162
		8. Shared Dispositive Power

		0


9.	Aggregate Amount Beneficially Owned by Each Reporting Person

	478,162
10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)	¨

11.	Percent of Class Represented by Amount in Row (9)

	6.3%
12.	Type of Reporting Person (See Instructions)

	PN


				Page 7 of 9 Pages

Item 1.

(a)

Name of Issuer:

United Western Bancorp Inc.

(b)

Address of Issuer’s Principal Executive Offices:

700 Seventeenth Street, Suite 2100

Denver, Colorado 08202

Item 2.

This joint statement on Schedule 13G is being filed by Jonathan Starr, Flagg Street Capital LLC, Flagg Street Partners LP, Flagg Street Partners Qualified LP and Flagg Street Offshore, LP, who are collectively referred to as the “Reporting Persons.” Mr. Starr is the controlling managing member of Flagg Street Capital LLC (“Capital”). Capital is an investment adviser registered under Section 203 of the Investment Advisers Act, and is the sole general partner of each of Flagg Street Partners LP (“Partners”), Flagg Street Partners Qualified LP (“Qualified”), and Flagg Street Offshore, LP (“Offshore” and together with Partners and Qualified, the “Funds”). Information with respect to each of the Reporting Persons is as follows:

(a)

Names of Persons Filing:

The names of the Reporting Persons are Jonathan Starr, Flagg Street Capital LLC, Flagg Street Partners LP, Flagg Street Partners Qualified LP and Flagg Street Offshore, LP.

(b)

Address of Principal Business Office:

The principal business office of the Reporting Persons with respect to the shares reported hereunder is 44 Brattle Street, Cambridge, MA 02138.

(c)

Citizenship:

Mr. Starr is a U.S. citizen. Capital is a Delaware limited liability company. Partners and Qualified are Delaware limited partnerships. Offshore is a Cayman Islands partnership.

(d)

Title of Class of Securities:

Common Stock ($0.0001 par value)

(e)

CUSIP Number:

913201109

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

N/A


				Page 8 of 9 Pages


Item 4.		Ownership

		In the aggregate, the Reporting Persons beneficially own 724,922 shares of Common Stock of the Issuer, representing approximately 9.6% of the outstanding shares of such class of securities. The beneficial ownership of each Reporting Person is as follows: Each of Capital, as the sole general partner of each of the Funds, and Mr. Starr, as the manager of Capital, beneficially owns 724,922 shares of Common Stock of the Issuer, representing approximately 9.6% of the outstanding shares of such class of securities. Partners beneficially owns 65,373 shares of Common Stock of the Issuer, representing approximately 0.9% of the outstanding shares of such class of securities. Qualified beneficially owns 181,387 shares of Common Stock of the Issuer, representing approximately 2.4% of the outstanding shares of such class of securities. Offshore beneficially owns 478,162 shares of Common Stock of the Issuer, representing approximately 6.3% of the outstanding shares of such class of securities. The percentage of the shares of Common Stock beneficially owned by each Reporting Person is based on a total of 7,556,573 shares of Common Stock of the Issuer outstanding Issuer outstanding as of November 9, 2006, as reported in the most recent quarterly report of the Issuer on Form 10-Q for the fiscal quarter ended September 30, 2006. Each Fund has the sole power to vote and dispose of the Ordinary Shares beneficially owned by such Fund. Each of Capital, as the sole general partner of each of the Funds, and Starr, as the manager of Capital, has the sole power to vote and dispose of all of the shares of Common Stock reported in this joint statement Schedule 13G. Each of Capital and the Funds hereby disclaims any beneficial ownership of any such shares of Common Stock.

Item 5.		Ownership of Five Percent or Less of a Class

		N/A

Item 6.		Ownership of More than Five Percent on Behalf of Another Person

		N/A

Item 7.		Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

		N/A

Item 8.		Identification and Classification of Members of the Group

		The Reporting Persons together comprise the members of the Group.

Item 9.		Notice of Dissolution of Group

		N/A

Item 10.		Certification

		By signing below I hereby 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.


				Page 9 of 9 Pages

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.


Date: 02/12/2007

FLAGG STREET PARTNERS LP

By:		Flagg Street Capital LLC
		General Partner

By:		/s/ Jonathan Starr
		Jonathan Starr Managing Member



FLAGG STREET PARTNERS QUALIFIED LP

By:		Flagg Street Capital LLC
		General Partner

By:		/s/ Jonathan Starr
		Jonathan Starr Managing Member



FLAGG STREET OFFSHORE, LP

By:		Flagg Street Capital LLC
		General Partner

By:		/s/ Jonathan Starr
		Jonathan Starr Managing Member



FLAGG STREET CAPITAL LLC

By:		/s/ Jonathan Starr
		Jonathan Starr Managing Member



JONATHAN STARR

By:		/s/ Jonathan Starr
		Jonathan Starr

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