SEC Form 4

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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* Nelson Kerry (Last) (First) (Middle) C/O SKYSTONE ADVISORS LLC TWO INTERNATIONAL PLACE, SUITE 1800 (Street) BOSTON MA 02110 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol COLLEGIATE PACIFIC INC [ BOO ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 01/25/2006
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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 $.01 par value per share ("Common Stock")	01/25/2006		P		25,000	A	$9.4947	1,287,000	I(1)(2)	See footnote(1)(2)
Common Stock	01/25/2006		P		25,000	A	$9.4	1,312,000	I(1)(2)	See footnote(1)(2)
Common Stock	01/25/2006		P		20,000	A	$9.399	1,332,000	I(1)(2)	See footnote(1)(2)
Common Stock	01/25/2006		P		3,900	A	$9.388	1,335,900	I(1)(2)	See footnote(1)(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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

1. Name and Address of Reporting Person* Nelson Kerry (Last) (First) (Middle) C/O SKYSTONE ADVISORS LLC TWO INTERNATIONAL PLACE, SUITE 1800 (Street) BOSTON MA 02110 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Skystone Advisors LLC (Last) (First) (Middle) TWO INTERNATIONAL PLACE SUITE 1800 (Street) BOSTON MA 02110 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* HSO LIMITED PARTNERSHIP (Last) (First) (Middle) THE CAYMAN CORPORATE CENTRE, 4TH FLOOR 27 HOSPITAL ROAD (Street) GEORGE TOWN, GRAND CAYMAN E9 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Kerry Nelson is the Managing Member of Skystone Advisors LLC. Skystone Advisors LLC is the investment member of the general partner of HSO Limited Partnership, a Cayman Islands limited partnership, and as such, it is solely responsible for, among other things, investment activities of HSO Limited Partnership. An affiliate of Skystone Advisors LLC controlled by Kerry Nelson is an investment advisor registered under Section 203 of the Investment Advisers Act of 1940, as amended. HSO Limited Partnership holds 1,335,900 shares of Common Stock of Collegiate Pacific Inc., representing approximately 13.10% of the company's Common Stock (based on the company's proxy statement filed on January 26, 2006 on form DEF 14A, as of January 23, 2006 there were 10,196,393 shares of common stock outstanding.)

2. Neither Kerry Nelson nor Skystone Advisors LLC directly holds any shares of Common Stock of Collegiate Pacific Inc. Each of Kerry Nelson and Skystone Advisors LLC may be deemed to beneficially own 1,335,900 shares of Common Stock held by HSO Limited Partnership. Each of Kerry Nelson and Skystone Advisors LLC disclaims beneficial ownership of the shares of Common Stock held by HSO Limited Partnership for purposes of Section 16 and for any other purpose.

	By: /s/ Kerry Nelson	01/30/2006
	** 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).
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