SC 13D/A 1 briley_13da-112108.txt SCHEDULE 13D AMENDMENT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D (RULE 13d-2-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. 9)(1) ALLIANCE SEMICONDUCTOR CORPORATION (Name of Issuer) COMMON STOCK (Title of Class of Securities) 01877H100 (CUSIP Number) RILEY INVESTMENT MANAGEMENT LLC ATTN: BRYANT R. RILEY 11100 SANTA MONICA BLVD. SUITE 810 LOS ANGELES, CA 90025 (310) 966-1445 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 21, 2008 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box: [_] Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. (Continued on following pages) -------------- (1) 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 disclosures provided in a prior cover page. The information required on 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. 01877H100 13D Page 2 -------------------------------------------------------------------------------- 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Riley Investment Partners Master Fund, L.P. -------------------------------------------------------------------------------- 2. Check the Appropriate Box If a Member of a Group* (a) [_] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds* WC -------------------------------------------------------------------------------- 5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Cayman Islands -------------------------------------------------------------------------------- 7. Sole Voting Power NUMBER OF 852,657 SHARES ----------------------------------------------------------------- BENEFICIALLY 8. Shared Voting Power OWNED BY -0- EACH ----------------------------------------------------------------- REPORTING 9. Sole Dispositive Power PERSON 852,657 WITH ----------------------------------------------------------------- 10. Shared Dispositive Power -0- -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 852,657 -------------------------------------------------------------------------------- 12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* [_] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 2.6%(1) -------------------------------------------------------------------------------- 14. Type of Reporting Person* PN -------------------------------------------------------------------------------- __________________________ (1) Based on 33,047,882 shares of common stock of Alliance Semiconductor Corporation (the "Issuer") outstanding at July 31, 2008 as reported in the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2008 filed with the Securities and Exchange Commission on August 21, 2008. CUSIP No. 01877H100 13D Page 3 -------------------------------------------------------------------------------- 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Riley Investment Management LLC -------------------------------------------------------------------------------- 2. Check the Appropriate Box If a Member of a Group* (a) [_] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds* AF -------------------------------------------------------------------------------- 5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- 7. Sole Voting Power NUMBER OF 2,372,286 (2) SHARES ----------------------------------------------------------------- BENEFICIALLY 8. Shared Voting Power OWNED BY 2,603,735 (3) EACH ----------------------------------------------------------------- REPORTING 9. Sole Dispositive Power PERSON 2,372,286 (2) WITH ----------------------------------------------------------------- 10. Shared Dispositive Power 2,603,735 (3) -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 3,972,286 (3) -------------------------------------------------------------------------------- 12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* [X] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 12.0%(1) -------------------------------------------------------------------------------- 14. Type of Reporting Person* IA -------------------------------------------------------------------------------- __________________________ (2) Because Riley Investment Management LLC has sole investment and voting power Over 852,657 shares of Common Stock held by Riley Investment Partners Master Fund, L.P. and 1,519,629 shares held by its investment advisory clients, Riley Investment Management LLC may be deemed to have beneficial ownership of these shares. (3) Riley Investment Management LLC has shared voting and dispositive power over 2,603,735 shares of Common Stock held by its investment advisory clients, 1,600,000 of which are held by investment advisory accounts indirectly affiliated with Riley Investment Partners Master Fund, L.P. However, Riley Investment Management LLC disclaims beneficial ownership of the non-affiliated shares. CUSIP No. 01877H100 13D Page 4 -------------------------------------------------------------------------------- 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). B. Riley & Co., LLC -------------------------------------------------------------------------------- 2. Check the Appropriate Box If a Member of a Group* (a) [_] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds* WC -------------------------------------------------------------------------------- 5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- 7. Sole Voting Power NUMBER OF 97,936 SHARES ----------------------------------------------------------------- BENEFICIALLY 8. Shared Voting Power OWNED BY -0- EACH ----------------------------------------------------------------- REPORTING 9. Sole Dispositive Power PERSON 97,936 WITH ----------------------------------------------------------------- 10. Shared Dispositive Power -0- -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 97,936 -------------------------------------------------------------------------------- 12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* [_] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) .3%(1) -------------------------------------------------------------------------------- 14. Type of Reporting Person* BD -------------------------------------------------------------------------------- __________________________ CUSIP No. 01877H100 13D Page 5 -------------------------------------------------------------------------------- 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). B. Riley & Co. Retirement Trust -------------------------------------------------------------------------------- 2. Check the Appropriate Box If a Member of a Group* (a) [_] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds* WC -------------------------------------------------------------------------------- 5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization California -------------------------------------------------------------------------------- 7. Sole Voting Power NUMBER OF 145,000 SHARES ----------------------------------------------------------------- BENEFICIALLY 8. Shared Voting Power OWNED BY -0- EACH ----------------------------------------------------------------- REPORTING 9. Sole Dispositive Power PERSON 145,000 WITH ----------------------------------------------------------------- 10. Shared Dispositive Power -0- -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 145,000 -------------------------------------------------------------------------------- 12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* [_] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 0.4%(1) -------------------------------------------------------------------------------- 14. Type of Reporting Person* EP -------------------------------------------------------------------------------- CUSIP No. 01877H100 13D Page 6 -------------------------------------------------------------------------------- 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). BR Investco, LLC -------------------------------------------------------------------------------- 2. Check the Appropriate Box If a Member of a Group* (a) [_] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds* WC -------------------------------------------------------------------------------- 5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware -------------------------------------------------------------------------------- 7. Sole Voting Power NUMBER OF 100 SHARES ----------------------------------------------------------------- BENEFICIALLY 8. Shared Voting Power OWNED BY -0- EACH ----------------------------------------------------------------- REPORTING 9. Sole Dispositive Power PERSON 100 WITH ----------------------------------------------------------------- 10. Shared Dispositive Power -0- -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 100 -------------------------------------------------------------------------------- 12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* [_] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 0.0%(1) -------------------------------------------------------------------------------- 14. Type of Reporting Person* OO -------------------------------------------------------------------------------- CUSIP No. 01877H100 13D Page 7 -------------------------------------------------------------------------------- 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Bryant R. Riley -------------------------------------------------------------------------------- 2. Check the Appropriate Box If a Member of a Group* (a) [_] (b) [X] -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Source of Funds* AF, WC -------------------------------------------------------------------------------- 5. Check If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) [_] -------------------------------------------------------------------------------- 6. Citizenship or Place of Organization United States -------------------------------------------------------------------------------- 7. Sole Voting Power NUMBER OF 2,608,673(4) SHARES ----------------------------------------------------------------- BENEFICIALLY 8. Shared Voting Power OWNED BY 2,610,384(5) EACH ----------------------------------------------------------------- REPORTING 9. Sole Dispositive Power PERSON 2,608,673(4) WITH ----------------------------------------------------------------- 10. Shared Dispositive Power 2,610,384(5) -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 4,215,322(5) -------------------------------------------------------------------------------- 12. Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares* [X] -------------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11) 12.8%(1) -------------------------------------------------------------------------------- 14. Type of Reporting Person* IN -------------------------------------------------------------------------------- __________________________ (4) Because Riley Investment Management LLC has sole voting and investment power over Riley Investment Partners Master Fund, L.P.'s security holdings and holdings of certain investment advisory clients and Mr. Riley, in his role as the sole manager of Riley Investment Management LLC, controls its voting and investment decisions, Riley Investment Management LLC, and Mr. Riley may be deemed to have beneficial ownership of the 852,657 shares of Common Stock held by Riley Investment Partners Master Fund, L.P and 1,519,629 shares held by investment advisory clients. Includes 145,000 shares beneficially owned by B. Riley & Co. Retirement Trust. Because Mr. Riley, in his role as Trustee of the B. Riley & Co. Retirement Trust, controls its voting and investment decisions, Mr. Riley may be deemed to have beneficial ownership of these shares. Includes 91,287 shares of Common Stock owned by B. Riley & Co., LLC. Includes 100 shares beneficially owned by BR Investco, LLC, an entity controlled by Mr. Riley. (5) Riley Investment Management LLC has shared voting and dispositive power over 2,603,735 shares of Common Stock held by its investment advisory clients, 1,600,000 of which are held by investment advisory accounts indirectly affiliated with Riley Investment Partners Master Fund, L.P. Although Mr. Riley controls Riley Investment Management LLC's voting and investment decisions for its investment advisory clients, Mr. Riley disclaims beneficial ownership of the non-affiliated shares. B. Riley & Co., LLC has sole voting and dispositive power over 6,649 shares of Common Stock. Mr. Riley is the Chairman and sole indirect equity owner of B. Riley & Co., LLC. CUSIP No. 01877H100 13D Page 8 ITEM 5. INTEREST IN SECURITIES OF THE ISSUER Item 5(c) as previously filed is amended to add the following information: In the ordinary course of business, B. Riley & Co., LLC may effect transactions in connection with its ordinary course market making activities, as well as for customer transactions. On 10/20/2008, RIP crossed 750,000 shares at $0.55 per share to BRC, Bryant Riley, and investment advisory clients of RIM. On 10/28/2008, RIP crossed 500,000 shares to an investment advisory client of RIM at $0.60 per share. On 11/20/2008, BRC crossed 300,000 shares at $0.66 per share to an investment advisory client of RIM. The following are the other transactions effected by the Reporting Persons in Common Stock that have taken place in the past 60 days through November 25, 2008: Trans Code Qty Price Trade Date RIM Investment Advisory Client SL 392,820 0.67 11/21/2008 B. Riley Managed Account SL 338,541 0.67 11/21/2008 CUSIP No. 01877H100 13D Page 9 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: November 25, 2008 Riley Investment Partners Master Fund, L.P. By: Riley Investment Management LLC, its General Partner By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley, Managing Member Riley Investment Management LLC By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley, Managing Member B. Riley & Co., LLC By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley, Chairman B. Riley & Co. Retirement Trust By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley, Trustee BR Investco, LLC By: /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley, Manager /s/ Bryant R. Riley --------------------------------------- Bryant R. Riley