Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
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Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 15)
Universal Security Instruments, Inc.
(Name of Issuer)
Common Stock, $.01 par value
(Title of Class of Securities)
913821 30 2
(CUSIP Number)
Dave M. Muchnikoff, P.C.
Silver, Freedman & Taff, L.L.P.
1700 Wisconsin Avenue, N.W.
Washington, D.C. 2000
(202) 295-4500
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
August 14, 2006
(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 that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-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 § 240.13d-7(b) for other parties to whom copies are to be sent.
| CUSIP No. 913821 30 2 | Page 2 of 5 Pages |
| 1. | NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Michael L. Kovens | ||
| 2. | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) |
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| 3. | SEC USE ONLY | ||
| 4. | SOURCE OF FUNDS N/A |
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| 5. | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) | ||
| 6. | CITIZENSHIP OR PLACE OF ORGANIZATION United States of America |
||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
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| 7. | SOLE VOTING POWER 112,856 shares |
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| 8. | SHARED VOTING POWER 0 shares |
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| 9. | SOLE DISPOSITIVE POWER 112,856 shares |
||
| 10. | SHARED DISPOSITIVE POWER 0 shares |
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| 11. | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 112,856 shares |
||
| 12. | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
||
| 13. | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.7% |
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| 14. | TYPE OF REPORTING PERSON IN |
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| CUSIP No. 913821 30 2 | Page 3 of 5 Pages |
This is Amendment No. 15 to the Schedule 13D filed on September 14, 1998, by Michael L. Kovens (the "Reporting Person"). Amendments were filed for events on December 24, 2001, February 10, May 7 and October 11, 2002, September 3, 2003, May 26 and December 15, 2004, and May 17, July 18, September 13, 2005, February 17, 2006, May 1, 2006 and June 29, 2006. The item numbers refer to items in the Schedule 13D. All information in this Amendment No. 15 with respect to the common stock of Universal Security Instruments, Inc. is correct to the best knowledge and belief of the Reporting Person. The Schedule l3D is hereby amended and supplemented by adding the following information:
Item 1. Security and Issuer
This Schedule 13D relates to the common stock, par value $.01 per share (the "Common Stock"), of Universal Security Instruments, Inc. (the "Company"). The principal executive offices of the Company are located at 7-A Gwynns Mill Court, Owings Mills, Maryland 21117.
Item 2. Identity and Background
| (a)-(c) | This Schedule 13D is filed by Michael Kovens (the "Reporting Person"). The Reporting Person's residence address is 1745 Palm Cove Blvd., #309, Delray Beach, FL 33445. Mr. Kovens is the President of Omni Motor Sports, Inc. located at 10711 Gilroy Road, Hunt Valley, Maryland 21031. |
Item 4. Purpose of Transaction
The Reporting Person has disposed of the shares of Common Stock covered by this Schedule to decrease his equity position in the Issuer. The Reporting Person expects to dispose of additional shares of Common Stock reported as held herein from time to time to further decrease his equity position in the Issuer.
| CUSIP No. 913821 30 2 | Page 4 of 5 Pages |
Item 5. Interest in Securities of the Issuer
(a) The Reporting Person is the beneficial owner of 112,856 shares of Common Stock as adjusted after the Company's 4-for-3 stock split paid on October 16, 2006 (the "stock split"), representing approximately 4.7% of the total outstanding shares of Common Stock (based on the 2,411,935 shares of Common Stock issued and outstanding as of the date of the Company's Form 10-K for the fiscal year ended March 31, 2006 and as adjusted for the stock split).
| (b) | (1) | Sole power to vote or to direct vote: | 112,856 | |
| (2) | Shared power to vote or to direct vote: | 0 | ||
| (3) | Sole power to dispose or to direct disposition: | 112,856 | ||
| (4) | Shared power to dispose or to direct disposition: | 0 |
| (c) | During the last 60 days, the Reporting Person has made the following sales of the Company's Common Stock: |
| Date
|
Shares |
Per Share Price |
Total Proceeds |
Where Transacted | |
| 8/14/06 | 17,000 | $22.28 | $ 378,687 | Open Market | |
| 10/16/06 | 10,000 | $27.79 | 277,905 | Open Market | |
| 10/17/06 | 5,000 | $20.80 | 104,006 | Open Market | |
| 10/23/06 | 15,000 | $21.18 | 317,758 | Open Market | |
| 10/24/06 | 10,000 | $21.39 | 213,940 | Open Market | |
| 10/26/06 | 15,000 | $22.27 | 334,011 | Open Market | |
| (d) | No other person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the shares of the Company's Common Stock held by the Reporting Person. | |
| (e) | Not applicable. |
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
None.
| CUSIP No. 913821 30 2 | Page 5 of 5 Pages |
Item 7. Material to be Filed as Exhibits
None
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: October 31, 2006 | /s/ Michael L. Kovens Michael L. Kovens |