0000893838-17-000008.txt : 20170130 0000893838-17-000008.hdr.sgml : 20170130 20170130160232 ACCESSION NUMBER: 0000893838-17-000008 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20170130 DATE AS OF CHANGE: 20170130 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CROSSROADS SYSTEMS INC CENTRAL INDEX KEY: 0001093207 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 742846643 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-57603 FILM NUMBER: 17557446 BUSINESS ADDRESS: STREET 1: 11000 NORTH MOPAC EXPRESSWAY CITY: AUSTIN STATE: TX ZIP: 78759 BUSINESS PHONE: 5123490300 MAIL ADDRESS: STREET 1: 11000 NORTH MOPAC EXPRESSWAY STREET 2: . CITY: AUSTIN STATE: TX ZIP: 78759 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PITON CAPITAL PARTNERS LLC CENTRAL INDEX KEY: 0001644342 IRS NUMBER: 473106673 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: C/O KOKINO LLC STREET 2: 201 TRESSER BOULEVARD, 3RD FLOOR CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: (405) 936-6220 MAIL ADDRESS: STREET 1: C/O NORTH BAY ASSOCIATES STREET 2: 14000 QUAIL SPRINGS PARKWAY, SUITE 2200 CITY: OKLAHOMA CITY STATE: OK ZIP: 73134 SC 13G/A 1 13gam2crossroads013017.htm SCHEDULE 13G AMENDMENT NO. 2

UNITED STATES
  
SECURITIES AND EXCHANGE COMMISSION
  
Washington, D.C.  20549
  
   
   
 
 
 
SCHEDULE 13G
 
Under the Securities Exchange Act of 1934
 
(Amendment No. 2)*
 
CROSSROADS SYSTEMS, INC.
(Name of Issuer)
 
 
Common Stock
(Title of Class of Securities)
 
22765D407
(CUSIP Number)
 
 
December 31, 2016
(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) 
☒ 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).
 
 
Page 1 of 5 Pages
 
 
 
 
 
 
 
 
 
 
 
 
CUSIP No. 22765D407
 
 
13G
 
Page 2 of 5 Pages


1
NAMES OF REPORTING PERSONS
 
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
 
 
Piton Capital Partners LLC
 47-3106673
 
 
 
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    
(a)☐  
 
(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
 
 
 65,997*
 
 
 
 
6
SHARED VOTING POWER
 
 
 -0-
 
 
 
 
7
SOLE DISPOSITIVE POWER
 
 
 65,997*
 
 
 
 
8
SHARED DISPOSITIVE POWER
 
 
 -0-
 
 
 
 
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
 
 65,997*
 
 
 
 
10
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
 
☐
 
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
 
 
 5.4%**
 
 
 
 
12
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
 
 OO
 
 
 
 
 

* Piton Capital Partners LLC ("Piton") is managed by its managing member, Piton Capital Management LLC.  Piton Capital Management LLC is in turn managed by its managing member, Kokino LLC. Additionally, Kokino LLC is the trading manager of Piton.  Kokino LLC has no pecuniary interest in the shares of common stock beneficially owned by Piton, but Piton Capital Management LLC may hold a pecuniary interest in Piton from time to time.
**This calculation is rounded to the nearest tenth and is based upon 1,225,472 shares of common stock outstanding as of January 20, 2017, as reported in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2016.
 
 
 
 
CUSIP No. 22765D407
 
 
13G
 
Page 3 of 5 Pages

 

Item 4
Ownership:
 
  
 
The percentage used herein is calculated based upon 1,225,472 shares of common stock outstanding as of January 20, 2017, as reported in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2016.
 
  
 
As of December 31, 2016:
  
 
 
 
  
 
(a)      Amount Beneficially Owned:
 
  
    
65,997*
 
 
(b)      Percent of Class:
 
  
   
5.4%
 
 
(c)      Number of Shares as to which such person has:
 
  
   
 (i)       Sole power to vote or direct the vote:
 
   
            65,997*
 
   
 (ii)       Shared power to vote or direct the vote:
 
   
             -0-
 
   
 (iii)      Sole power to dispose or direct the disposition:
 
   
            65,997*
 
   
 (iv)      Shared power to dispose or direct the disposition:
 
   
             -0-
     
    *  Represents shares held by Piton Capital Partners LLC ("Piton").  Piton is a Delaware limited liability company and a pooled investment entity that is a family client of Kokino LLC.  Piton is managed by its managing member, Piton Capital Management LLC.  Piton Capital Management LLC is in turn managed by its managing member, Kokino LLC. Additionally, Kokino LLC is the trading manager of Piton.  Kokino LLC has no pecuniary interest in the shares of common stock beneficially owned by Piton, but Piton Capital Management LLC may hold a pecuniary interest in Piton from time to time.
     
 
 
 
 
 
 
 
 
CUSIP No. 22765D407
 
 
13G
 
Page 4 of 5 Pages
 
 
 
Item 6           Ownership of More than 5 Percent on Behalf of Another Person: 
 
Kokino LLC provides investment management services to Piton.  In this capacity Kokino LLC shares the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of common stock beneficially owned by Piton.  Additionally, Kokino LLC is the managing member of Piton Capital Management LLC, which is in turn the managing member of Piton. Kokino LLC and Piton Capital Management LLC have no pecuniary interest in (and have not funded any purchases of) the shares of common stock beneficially owned by Piton, except that Piton Capital Management LLC may hold a minority interest in Piton from time to time.
 
 
 
 
 
CUSIP No. 22765D407
 
 
13G
 
Page 5 of 5 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.

  Dated:    January 30, 2017
 
 
Piton Capital Partners LLC
 
By: Piton Capital Management LLC, its managing member
 
By: Kokino LLC, its managing member
 
 
 
By:
 
 
   /s/ Douglas Kline
   
Douglas Kline
Chief Operating Officer