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Priddy Robert L, et al. – ‘4’ for 2/26/10 re: General Environmental Management, Inc.

On:  Tuesday, 6/1/10, at 12:26pm ET   ·   For:  2/26/10   ·   As:  10% Owner   ·   Accession #:  1144204-10-31127   ·   File #:  33-55254-38

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/01/10  Priddy Robert L                   4          10% Owner   1:14K  General Environmental Mgmt, Inc.  Toppan Merrill/FA
          Falk Michael
          ComVest Capital, LLC
          Comvest Capital Management LLC
          CVC California LLC

Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 4   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 4           Statement of Changes in Beneficial Ownership of     HTML     13K 
                Securities by an Insider -- v186682_ex.xml/3.3


        

This ‘4’ Document is an XML Data File that may be rendered in various formats:

  Form 4    –   Plain Text   –  SEC Website  –  EDGAR System  –    XML Data    –  <?xml?> File
 
 
SEC Info℠ rendering:  Statement of Changes in Beneficial Ownership of Securities by an Insider
 
FORM 4UNITED 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*
CVC CALIFORNIA LLC
(Last)(First)(Middle)
525 OKEECHOBEE BOULEVARD, SUITE 1050
(Street)
WEST PALM BEACHFL33401
(City)(State)(Zip)
2. Issuer Name and Ticker or Trading Symbol
GENERAL ENVIRONMENTAL MANAGEMENT, INC [ GEVI ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
2/26/10
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
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock 2/26/10 J (1) 3,750,000A (1)4,350,000D (2) (3)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Convertible Note$0.6 2/26/10 J (1) 2,166,666 9/4/08 8/31/14Common Stock2,700,000 (1)0D (2) (3)
Warrant$0.01 2/26/10 J (1) 2,700,000 9/4/08 8/31/14Common Stock2,700,000 (1)0D (2) (3)
1. Name and Address of Reporting Person*
CVC CALIFORNIA LLC
(Last)(First)(Middle)
525 OKEECHOBEE BOULEVARD, SUITE 1050
(Street)
WEST PALM BEACHFL33401
(City)(State)(Zip)
1. Name and Address of Reporting Person*
ComVest Capital, LLC
(Last)(First)(Middle)
525 OKEECHOBEE BOULEVARD, SUITE 1050
(Street)
WEST PALM BEACHFL33401
(City)(State)(Zip)
1. Name and Address of Reporting Person*
COMVEST CAPITAL MANAGEMENT LLC
(Last)(First)(Middle)
525 OKEECHOBEE BOULEVARD, SUITE 1050
(Street)
WEST PALM BEACHFL33401
(City)(State)(Zip)
1. Name and Address of Reporting Person*
FALK MICHAEL
(Last)(First)(Middle)
525 OKEECHOBEE BOULEVARD, SUITE 1050
(Street)
WEST PALM BEACH,FL33401
(City)(State)(Zip)
1. Name and Address of Reporting Person*
PRIDDY ROBERT L
(Last)(First)(Middle)
525 OKEECHOBEE BOULEVARD, SUITE 1050
(Street)
WEST PALM BEACH,FL33401
(City)(State)(Zip)
Explanation of Responses:
(1)  On February 26, 2010, the Issuer sold certain business assets, and a majority of the proceeds of such sale were used to repay the Convertible Note held by CVC California, LLC (the "Reporting Person"). At the same time, the Reporting Person exercised its right to require the Issuer to repurchase its outstanding Warrant for an aggregate purchase price of $2,000,000, of which $500,000 was paid in cash out of the proceeds of the asset sale, and the remaining amount was paid to the Reporting Person through the issuance of 3,750,000 shares of common stock of the Issuer.
(2)  As of the date hereof, the Reporting Person, directly beneficially owns the securities identified herein. ComVest Capital, LLC ("Capital") indirectly beneficially owns the securities listed herein by virtue of the fact that Capital is the sole member and the managing member of the Reporting Person. ComVest Capital Management LLC ("Management") indirectly beneficially owns the securities listed herein by virtue of the fact that Management is the managing member of Capital. Michael S. Falk and Robert Priddy indirectly beneficially owns the securities listed herein by virtue of the fact that Mr. Falk and Mr. Priddy are the managing members of Management.
(3)  However, Mr. Falk and Mr. Priddy disclaim any beneficial ownership of such securities, and the filing of this Form 4 shall not be deemed an admission that Mr. Falk or Mr. Priddy are, for purposes of Section 16 of the Securities Exchange Act or otherwise, the beneficial owners of any securities covered by this Form 4.
/s/ Cecilio M. Rodriguez Cecilio M. Rodriguez Chief Financial Officer 5/26/10
/s/ Cecilio M. Rodriguez Cecilio M. Rodriguez Chief Financial Officer 5/26/10
/s/ Cecilio M. Rodriguez Cecilio M. Rodriguez Chief Financial Officer 5/26/10
/s/ Michael S. Falk Michael S. Falk, Individually 5/26/10
/s/ Robert Priddy Robert Priddy, Individually 5/26/10
** Signature of Reporting PersonDate
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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
____________
Transaction Code:
    J    Other acquisition or disposition.

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Filing Submission 0001144204-10-031127   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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